View more on these topics

Food for thought in Sudan scandal

The role of intermediaries has been likened to a number of occupations – some more flattering than others.A popular parallel has been that of a general practitioner, dispensing advice and solutions based on the circumstances of the individual.

More complex situations are invariably referred to as specialists in a particular field, further reinforcing the similarity.

More recently, I recall the regulator using the example of selling tins of baked beans as an apt metaphor for the distribution process, in what was doubtless a well intended attempt to demystify the whole advisory issue in the eyes of the public.

However, I can think of no compelling example in which an intermediary, who accepts product descriptions from highly regarded manu-facturers in good faith, is sub-sequently held responsible for their components.

This could set some inter-esting legal precedents. For instance, will GPs have to revisit their PI policies with the fear that their friendly medical representative may have marketed a dodgy product to them in the past? I somehow think that SmithKline and Roche are not going to get away with product recalls and lawsuits any more easily in the future. Only a fortnight ago, the FSA was forced to recall hundreds of toxic products in a slightly belated attempt to protect consumers.

OK, a different regulator in a different sector, but I do not anticipate that there will be too many prosecutions of Marks & Spencer or Morrisons in this context. Sudan 1, Splits 1, Structured 1, IFAs 0 – take your pick.

Philip Dodd, PSD Robinson Gear, Manchester

Recommended

Charcol urges Chancellor to overhaul stamp duty and IHT

Charcol is urging the Chancellor to amend the “antiquated” rules governing stamp duty in his Budget statement on March 16. The broker also claims that the misery caused by inheritance tax limit is unacceptable, given that property prices have soared over the last few years, leaving many homeowners, particularly in the south of England, beyond […]

Dedication is the key to equity release sales

Money Marketing mortgage round table

An increase in intermediaries specifically dedicated to equity-release products is needed to encourage growth in the sector, says Purely Mortgages managing director Mark Chilton.

Fidelity moves into Korea and India

Fidelity is launching two asset management businesses in South Korea and India. The first tailor-made products for local investors will be launched this month with Indian investors offered an Indian equities fund, and Korean investors offered a choice of ten domestic funds that invest in Korea and global markets.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment