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Aifa and FSPP welcome FSA paper

Aifa and the Financial Services Practitioner Panel have both welcomed the FSA’s discussion paper clarifying the responsibilities of providers and distributors.
The discussion paper calls on providers to design products with greater care, provide higher quality information, monitor distribution channels more effectively at a high level and undertake better post-sale analysis of product performance.
Aifa director general Chris Cummings says the trade body had long been very concerned advisers were being held to account for problems in product design and marketing which were out of their control.
Cummings says: “Providers can no longer stand in ‘splendid isolation’, insulated form the problems of products they have manufactured.”
FSPP deputy chairman Jonathan Bloomer says: “This document is a helpful attempt by the FSA to provide some general clarity, stimulate discussion and provide encouragement to the industry- providers and distributors- to work together to ensure consumers indeed do get the right deal for themselves.”

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