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Clerical demands clear disclosure of white-labelling

Clerical Medical is calling on the FSA to bring in a tough disclosure regime if white-labelling is introduced under phase two of the polarisation review later this year.

Research carried out by the life office shows consumers are in favour of full and clear disclosure of product providers if white-labelling

is introduced.

Ninety-four per cent of those surveyed said they would want to know who was the provider of a product before they committed to buying it.

Ninety-three per cent said they would expect the retailer to accept full responsibility for the product while 88 per cent said the retailer should be made to resolve all post-sale problems.

Consumers were also asked about their overall attitude to the concept of white-labelling. All respondents said they would want to be made fully aware of the arrangement before deciding to buy.

The survey was carried out among 200 people who hold at least one out of a personal pension, unit trust, company pension, Isa, Tessa or Pep.

Pensions strategy manager Nigel Stammers says: “The research shows that consumers will demand clarity. They will expect to know who they are dealing with both before the sale and after.

“If there is anything other than total clarity, then white-labelling could be used by a less recognised brand to disguise itself by association with a well respected one.

“To overcome these concerns and retain critical consumer confidence in the financial services market, the FSA must regulate for a major level of pre-sale information disclosure of both retailer and supplier if a white-labelling regime is introduced.”


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