RDR protection paper: Opinions positive for the FSA

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Reaction to the FSA's consultation paper CP10/8 on pure protection sales by retail investment firms has been positive.

The two areas singled out for praise are the proposal to amend rules so firms that sell protection under COBS, rather than ICOBS can continue to do so after the Retail Distribution Review is implemented, without having to apply the rules on adviser charging to their protection sales, and a plan to allow protection product commission under both COBS and ICOBS, with disclosure, when sold alongside investment products. Commenting on this, Clive Waller, managing director of CWC Research, said: "On the protection piece, FSA have been eminently sensible." He noted that previous COBS/ICOBS prop...

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