Consumer with unresolved complaints over their stakeholder products can take their cases to the Financial Ombudsman Service for compensation under the FSA's latest proposals.
The FOS will consider the specific rules on suitability for simplified selling rather than those that apply for full advice.
Although advisers will not have to have financial qualifications, they must take into account the consumer's attitude to risk, affordability and their debts. Providers want to see greater clarity on the questions that sales advisers will have to ask.
But news that sales advisers selling stakeholder will not have to go through the menu advice process has been welcomed. Providers had raised fears that including the menu would substantially bump up the sales process and its cost.
Sales interviews for selling the stakeholder products will be pre-scripted by the firm and the salesperson will have clear limits on the issues they can advise on.