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FSA urged to stop stalling standards

ABI accreditation scheme Raising Standards is attacking the FSA&#39s consultation on point of disclosure, saying it should be encouraging companies to join its scheme rather than impose an over-prescriptive regime.

In its response to CP170, Pensions Protection Investments Accreditation Board chief executive John Cox says the FSA should encourage more brands to come forward rather than stalling the momentum. The PPIAB oversees Raising Standards.

FSA managing director John Tiner made a speech at the Raising Standards second anniversary conference recently setting out a new regulatory regime for point of sale documentation, which some thought undermined the self-regulation scheme.

Some life firms are understood to want raising standards accreditation to count toward compliance with the new sales regime having spent so much money already. The ABI is looking for a new person to head the scheme, which it says will continue to evolve.

PPIAB director of external affairs Liz Amos says: “The danger is that the commitment to the PPIAB&#39s monitoring will be drowned in the wash of 120 prescriptive rule changes to documents, taking the industry&#39s eye off the ball of improving consumer confidence.”

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