While I agree that it is important that we get some kind of definition on misselling from the FSA, I believe they need to take a step back and ask them-selves just what they are regulating.
If you go right back to the original regulators, we have seen problems over home-income schemes, pension transfers, FSAVCs, endowments and, by implication, anything in with-profits, high-income bonds and zeros.
Of course, we do need to make sure we know what we are advising clients on but surely the regulators must have approved these products before they are allowed into the market?
It seems that various regulators and insurers treat advisers as piggy in the middle and we pick up the can if these products do not come up to scratch, retrospectively, of course.
It seems the regulators do not like giving clear approval or guidance on these products beforehand because if they did, that would imply that they could not come back to us if they did not like the products at some time in the future.