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FSA tells firms to be more open on WP

The FSA has issued a warning to consumers over Isa guides, telling them to make sure they “take them with a pinch of salt.”

FSA head of consumer education Deborah Arnott said consumers should always read the fine points and resist sending off a cheque straight away.

Last year, FSA managing director John Tiner said the regulator has problems with the guides, saying eight of the 14 looked at in the previous Isa season were not up to scratch.

This week, Arnott says the guides are “certainly not going to be the most suitable for everyone.”

Other tips included finding out who is selling the product and looking at what the Isa is invested in.

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