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Hales says it is up to advisers to deal with compensation costs

Norwich Union sales and marketing director Peter Hales believes it is up to IFAs to deal with the cost of the Financial Services Compensation Scheme, claiming that advisers need to take more responsibility for levies because of misselling.

He told the retail intermediaries sector conference that levy charges could not continue to be handed to consumers or providers.

He said: “Distribution needs to take some form of ownership of FSCS levy issues. Levies cannot lie with the consumer and providers alone.”

FSA managing director (regulatory services business unit) David Kenmir said: “The FSA has a vital role to play in improving the confidence of the system. We anticipate a controversial ongoing deb-ate across the industry. This debate sounds like carving up the same cake in different ways.”

SimplyBiz chairman Ken Davy said: I would like to thank Peter for acknowledging that the FSCS is flawed. We need a conclusion and we need to know how much longer this is going to go on. This debate needs to move forward, it already costs IFAs more than it should.”

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