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Help campaign to define misselling

Perhaps the FSA&#39s new chief executive John Tiner – still thought to be grappling with a definition of misselling – could do with some help. This week, one IFA, supported by many of his peers, is asking Money Marketing to do just that.

Most advisers agree – as does Government savings reviewer Ron Sandler – that a definition of misselling is a great idea. It would provide clarity for clients,help resolve the PI crisis and allow IFAs to cut costs, with savings passed on to consumers.

It would provide more clarity for regulators, politicians, consumer advocates and the industry so they could at least start to agree on what they are arguing about.

It would bring a much needed anchor for the industry and the regulator as the clarity of polarisation is ditched in favour of something altogether more confusing.

Finally, it might help draw a line under the rights and wrongs of the various reviews and half-reviews being completed at the moment.

A good idea all round, then, and one that is, in theory at least, a work in progress at Canary Wharf.

But the FSA disappointed us with its last public utterance on the definition.

Now advisers are getting restless and Peter Emery, an Essex-based IFA, has written to Money Marketing this week asking us to help out.

It is not our role to provide the definition ourselves but we are asking you the advisers – who probably know better than anyone when a sale is ethical and when it is not – to furnish us with ideas which we will print and pass on to the regulator. This could help the new people at the top get to grips with at least one item in their bulging in-trays.

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