Concerned IFAs are calling for FSA chief executive John Tiner to reiterate the policy of no retrospective misselling reviews, outlined by his predecessor Howard Davies.
WDS managing director Julian Stevens says Tiner should now make a formal and official statement to confirm that Davies' view is still policy at the FSA.
Stevens says although a statement can be of only limited value, given the problems with split-capital investment trusts and structured products, he considers it would at least demonstrate fairness.
He also believes a statement from the FSA, ruling out retrospective reviews might help with how PI insurers view financial services.
FSA spokeswoman Louise Buckley insists that the FSA does not do retrospective reviews. She says: “By retrospective review, I take it he means applying today's rules to events that took place in the past. We have already said that we do not do retrospective reviews. We do not do them and have no intention of doing them.”