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Bankers claim plan limits public access

The British Bankers’ Association has slammed the FSA’s retail distribution review interim report, claiming the proposals will limit consumer access to advice.

It says consumers will be worse off because they will either have to pay for full regulated advice or buy products without advice.

The BBA was one of the main supporters of the FSA’s original plans for primary advice.

Chief executive Angela Knight says most consumers have a good idea of what they need and want to get advice and buy their financial products from a brand they know and trust.

She says: “The proposals could remove this option, leaving individuals with the choice of either more expensive options or buying without advice. Of course, we are in favour of improved clarity for consumers but this should not come at the expense of access to trusted and cost-effective advice.

“The FSA should think very carefully before introducing changes that are contrary to one of the key objectives of the review.”

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