The Association of Independent Financial Advisers (AIFA) has called for the Financial Services Authority to be accountable over its intervention into the traded life settlement investment industry, which the trade body said has caused "real consumer detriment".
The trade body has warned about the implications of the regulator's powers to intervene in the market on specific products and asset classes. It follows the recent proposed ban by the FSA of the life settlement asset class for retail investors. Stephen Gay, director general of AIFA, said:"The FSA's recent warning on the life settlement class has already forced one fund to close. This has caused real consumer detriment and may, in fact, have harmed the very people they are seeking to protect." He said there must now be a review to establish if this closure was likely to happen regar...
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