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‘Age of accidental misselling is over’

The era of accidental misselling is over, says Tenet Group distribution and development director Keith Richards.

Speaking to Money Marketing on board the PIMS conference this month, Richards said that he believes there will be no more major scandals based on unintentional misselling although it is impossible to rule out any future cases of deliberate abuse.

He said: “I think we are totally away from misselling on any large scale. If not, then all the pain of past scandals and all the regul-ation has been for nothing.

“Of course, there is still some evidence of misselling from people that deliberately cause consumer det-riment but it is difficult to mitigate against this. What we have absolutely mitiga-ted against now in the ind-ustry is any unintentional misselling.”

Richards also believes the industry’s lack of confidence in itself started many misselling scandals, rather than consumer suspicion.

He said: “I have not met a client who has not got confidence in their adviser and I would extend that across single-tie, multi-tie and whole of market IFAs.

“Actually, it was us as an industry that decided there were misselling scandals. Consumers do not start rushing to the ombudsman or the regulator saying they think they have been missold.

“I think consumers are confused and lack confidence because they do not see any confidence in the industry.”

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