The FSA has been called upon to clarify its definition of misselling by the Sandler Review in a bid to cut the costs of compliance. The review team believes that the industry incurs costs because it has no clear definition of what constitutes misselling. Review chief Sandler says that this is a common complaint from practitioners.
The review document says: “The Review believes it would be helpful if there were greater clarity about what constitutes misselling. Whilst this would not provide the industry with total certainty of what is or is not acceptable practice it would help eliminate costly unnecessary activities.”