The ABI has called on the Government and FSA to lessen regulation of the sale and promotion of investment products.
Chairman Keith Satchell told the Saver Summit there is a strong case to be made for reviewing the way that investment sales are regulated.
Satchell said the restrictions imposed by the FSA’s financial promotions regime are more onerous than the controls it places on promoting credit or borrowing. He said the savings market and Government must work to tackle the debt problem and increase the value of saving.
Satchell’s views echo this week’s third instalment of the Treasury select committee’s financial inclusion report which calls for the FSA to give greater priority to the simplification of its disclosure regime for investment products and suggests the key features document confuses consumers.
Treasury Economic Secretary Ed Balls said if the industry had particular concerns, the Government and FSA would be willing to listen.