New rules come into effect today affecting endowment policies and advertising including references to past performances of investment funds.
Providers of endowments must provide at least six months’ warning of an approaching deadline for taking actions, such as filing a claim for mis-selling. The new rule is to ensure consumers do not find themselves coming up against the three-year deadline rule for filing a complaint with not enough time to do so. Additionally, retail investors will from today no longer be targeted by “cherry picked” fund performance data by providers. Instead, advertising must follow new rules stipulating the presentation of data in 12-month blocks, and the banning of performance figures for funds wi...
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