IFAs bear brunt of FSA regulation

“You state that you have not sold any critical illness policies, yet our records show that you have actually sold six policies during the period,” came the email reply. This isn’t our core business, so when we looked into the matter it turned out that we had actually sold six term assurance policies with critical illness options. Our back office system had identified them as life policies for the report, and we advised the FSA accordingly. So, the FSA know every intricate detail of what we have and have not recommended, down to six critical illness policies. Yet, they had absolutely no...