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Material facts

Those villified for selling the plans may feel aggrieved. They might suggest that morally the FSA shares some of the blame and argue that to assess the marketing material requires an understanding of how the plans worked. However this is probably academic. The FSA did not have the power to strike out this sort of plan at the time.

What is good news it that the FSA is reconsidering where the balance of responsibility lies between provider and broker when plans go awry. It is also insisting on stress-testing and suggesting that, in the worst cases, plans be withdrawn.

No one expects a mea culpa from the FSA but this may be the next best thing.

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