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&#39Need for standard misselling definition&#39

Ron Sandler has called on the FSA to come up with a standard definition of what constitutes misselling to provide IFAs and providers with greater certainty as to what is acceptable practice.
In his report Sandler says there needs to be more information about misselling because of its importance in the regulatory framework. It points out there is no current standard definition and it questions prominence in everyday financial services parlance.
The call has been welcomed with enthusiasm from IFAs who have often complained they cannot be sure the advice they are providing today will be viewed as being appropriate in the future.
The FSA insists such a definition would be difficult to come up with and says while it will consider the proposal it is not likely there will be a “three word definition” anytime soon.
The report says: “The Review therefore recommends that the FSA issues clarification of what constitutes misselling. Whilst this would not provide the industry with total certainty of what is or is not acceptable practice, it would help eliminate costly unnecessary activities.”
Heartland Independent Advisers chief executive Tony Weaver says: “There is too much retrospective morality in this industry. You place yourself on tenterhooks every time you sit down with a client because you may opening yourself up to claims of misselling in the future.”


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