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Mistrust is biggest stumbling block – Adair Turner

How to recreate trust is the greatest issue facing the industry
according to, pensions commission head Adair Turner speaking last
night at an ABI fringe meeting at the Labour Party conference in
Bournemouth.
He said with complex products such as pensions consumers find it
hard to buy because they do not trust the industry. This in turn means
pensions are ultimately sold and not bought, he said.
Turner said: “People have to be persuaded to buy these products.
They rarely come looking for them. The combination of misselling of
pensions and endowments, Equitable Life, split capital trusts and
precipice bonds has produced a deep mistrust in retail financial
services.”

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