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Network plea for misselling definition

Retrospective misselling com- pensation campaigns are “festering sores” that blight the industry, says Alpha to Omega network chief executive Stewart Wooles.

He is calling for a clear and legal definition of misselling, saying the FSA’s treating customers fairly policy can result in advisers being treated unfairly, particularly with retrospective regulation changes.

Wooles believes that enc- ouraging consumers to claim compensation because stockmarkets have underperformed is dishonest.

He says: “Why should you, because of compensation companies, be able to whip up a furore because you have not got the return you wanted? From the experience of many of our own members, a substantial and growing number of these claims are based on knowledge, standards, practices and regulations not existing at the time that the contract was agreed.

“If the Government wants everyone to have access to appropriate levels of financial protection, encourage the savings culture and make provision for retirement, it must focus the FSA on removing the festering sore of retrospective misselling and commit to reducing excessive regulation.”

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