‘Conflicting messages in FSA comparison tables’

The FSA’s comparative tables could cause confusion among consumers with conflicting disclaimers and confusion over their use, says Scottish Widows market director, protection Nick Kirwan.

The FSA accepts no responsibility for the information contained within the site but recommends consumers to use them. This leaves questions as to where liability lies if a client believes he or she has been misinformed, says Kirwan. He says although the tables can help to decide which products to look at, the disclaimers warn that the tables should not be used to decide which products to buy, which sends out a conflicting message to consumers.

Consumers must not think the information constitutes as financial or professional advice but advisers can use the information provided within the advice process.

Kirwan says: “The warning says you should not use the tables to decide which product to buy but I cannot help wondering, what should I use them for then? It is interesting that there are no tables for protection products. Once again, this sends a strange message.”

FSA spokesman Robin Gordon Walker says: “On liability, there is no absolute answer. It depends on where the error has crept in. There are no plans for tables for protection products.”


Suffolk Life appoints corporate development director

Chris Jones has joined Suffolk Life as corporate development director and will oversee the group’s marketing and operations functions.Jones was formerly head of research and development at Capita PPML and his position at Suffolk Life is a newly created role. He is a qualified chartered tax adviser and has over a decade of experience in […]

PMPA is looking at the potential of becoming a lender

The Professional Mortgage Packagers Alliance announces it is in discussions with a number of providers looking at the potential of becoming a lender in its own right. This would be specifically driven to enhance PMPA’s range of services to mortgage intermediaries. Based on CML figures, PMPA contributes more than 25 per cent of non-conforming completions.PMPA […]

Kenmir says clash between IFAs, watchdog and FSCS was inevitable

In an exclusive interview with Money Marketing, Kenmir, managing director of regulatory services business unit and sector leader for retail intermediaries, says he could understand why IFAs are unhappy with the FSCS and the FOS. He admits that tough times are ahead for intermediaries as they face up to depolarisation with business costs rising, investment […]

Farrow’s view

Apparently, there is growing concern among IFAs that a constant drip of negative coverage of poorly-performing funds such as BestInvest’s Spot the Dog report, deters consumers from investing. I doubt that it does.


News and expert analysis straight to your inbox

Sign up


    Leave a comment