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More thought needed over adviser/provider responsibilities, says Aifa

Providers should take more responsibility for their products post-sale but further thought needs to be given to the prospect of them taking a more active role in reviewing distributor quality, says Aifa.
In its official response to the FSA’s discussion paper on provider/adviser responsibility, the trade body says providers must not act as second-tier regulators or create competitive distortion by selecting distributor firms through making false barriers.
Aifa director general Chris Cummings says the “missing pieces” in the responsibilities jigsaw are the rights of consumers and he is hoping to meet the FSA to move forward a discussion on consumer rights and responsibilities.
Cumming says: “There must be a clear line between the respective responsibilities of providers and advisers. We would not wish to see the emergence of actions by providers that intrude into the client-adviser relationship, or behaviour where the selection process for distributors create competitive distortion or jeopardises the independence of IFA businesses.”

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