APFA: regulator not 'made the case' for Arch Cru redress

Chris Hannant, policy director at APFA, said the body was glad the FSA had listened to the profession and made the scheme operate on an opt-in basis. However, he said the regulator had not properly demonstrated widespread mis-selling had taken place. He added the opt-in model should reduce the financial burden for advisers in general, and will help Arch Cru advisers who sold the product as ‘high risk'. "However, we are still not satisfied that the regulator has made the case for a s404 redress scheme. We do not believe the FSA has demonstrated ‘widespread or regular failure' the condi...