The FSA has unveiled its final regulations for the new basic advice sales process.
This will be centred around a series of pre-scripted questions to check whether a stakeholder product would be suitable for the customer. A recommendation will then be made based on the consumer’s attitude to savings and risk and current financial position.
FSA director of retail policy Dan Waters says: “We fully support the aim of making it easier for all consumers to have access to the stakeholder products. After considerable research we have developed a lower-cost form of advice that will enable authorised firms to sell the Government’s stakeholder products simply and quickly to consumers, while at the same time making sure they are properly protected.”