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Broker

Should product providers have more rigorous testing processes in place to ensure they do not blow up down the line?

Yes “We have to rely on product providers to ensure that their product will do what it says on the tin. The documentation they issue should be an accurate representation of the product.”

Michael Curran, Platt Rushton Financial ManagementYes “I have seen a number of products that have been marketed as safe blow up spectacularly. Some products are not suitable for the majority of people. If a client cannot understand them now, how are they to understand them in five years when they have gone wrong?”

Jonathan Woodbridge, Paramount Financial.

No “Our job is to interpret product literature and we should only recommend products if we understand the risks. It is too easy for IFAs in misselling cases to hide behind providers and claim it was their fault.”

Dylan Jenkins, Rickman Tooze Independent Financial AdvisersYes “But there is a duty of care for IFAs as well. IFAs need to analyse products more carefully and take more responsibility for their own actions.”

Colin Donlon, Futurefocus.

Yes “I agree that product providers should have better testing processes in place.”

Andrew Hill, Andrew Hill Financial ServicesNo “I have rather unusual views. My opinion is that I have a responsibility, that I am getting paid for, to do the stress-testing and look at every eventuality, filter the good from the bad and work out whether the product is genuine. The providers are out to make profit. I am the IFA and I am paid to do the stress-testing.”

Ramon Lipton, Ramon Lipton IFA.

“Yes. I would have thought the product providers do this anyway. If John Tiner is saying this does not happen, I find this worrying.”

Philip James, Taxation Services Finance

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