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Ban on past performance unlikely, says Farnish

The use of past performance in financial ads is unlikely to face an

all-out ban by the FSA, according to the head of its task force examining

the issue.

Consumer director Christine Farnish told BBC Radio 4&#39s Inside Money last week

that banning use of past performance would be seen “by most people as a

very ext-

reme response”.

Her comments go some way to calming industry fears that the regulator will

crack down on its use. The taskforce is due to make its report next month.

Farnish said: “I suspect it would be seen by most people as a very extreme

response because, after all, past performance information is a fact. It may

well be that a better way forward would be to allow past performance

information but try and make sure that it is presented in a fairer way.

“What we would not want to do is to kneejerk in such a way that people

were frightened of investing in any way, shape or form.”

Skandia head of pensions marketing Peter Jordan says: “It would be a nega-

tive move to ban past performance and irresponsible to ignore the track

record of the fund manager or the fund management group.”

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