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MPs join in calls for FSA to respond to concerns

The Money Marketing protection campaign is hitting the agendas of politicians, with Government and Opposition MPs putting pressure on the FSA to respond to the sector’s concerns.

Labour MP for Edmonton Andy Love and Liberal Democrat MP for Richmond Park Susan Kramer both support the campaign.

Kramer, who also sits on the Treasury select committee and is Treasury shadow spokeswoman, says she is “shocked” that customers who buy protection products on a direct basis and those who go through advisers are not on an equal footing when it comes to access to the Financial Omb-udsman Service.

Kramer earlier this month used the platform of the TSC to criticise the FSA for creating a confusing advisory framework since depolarisation and commended our campaign for highlighting the perp- lexities when buying products.

She is calling on the FSA to clarify why consumers get different levels of protection from different distribution channels.

Love is calling on providers to take the initiative and make sure that their sales process clearly explains the differences between advised and execution-only consumer protection while at the same time calling for the FSA to act.

Kramer says: “People are generally intimidated by financial products. This sounds to me like a terrific campaign and I think we should get some explicit answers from the FSA as to why all customers are not on an equal footing.”

Love says: “The new regime has been conceived to encourage greater competition but I am very concerned but what seems to be an oversight by the FSA to create a full coverage for all consumers.

“Although my suspicion is that change can only come from the FSA, there is noth- ing to stop individual prov-iders from making sure that their sales literature is clear on what can and cannot be provided.”

The FSA says it is aware of the campaign but would not comment.

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