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Down to basics

In last week’s MM, you reported Which?’s criticisms of the ABI’s consumer guidance on basic advice, specifically their assertion that our guidance does not include sufficient reference to consumers’ right of recourse to the FOS.

In fact, the ABI guidance makes it clear that consumers who buy products under basic advice are still protected by the FOS and that those who are dissatisfied with the service they have received can complain to their adviser and the FOS. The guidance also makes the distinction between basic advice and full advice very clear.

Which? were one of many organisations invited by the ABI to take part in the process of formulating the guidance. Unfortunately, they chose not to engage with us.

The ABI is committed to raising both customer service standards and customer confidence in the savings industry. Recently, we announced plans to reform and extend the Raising Standards scheme. We hope that all fair-minded people will want to help us in achieving this objective.

George Hodgson

Director of consumer strategy,

The ABI,

London EC2

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