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Regulator will probe advice issues

The FSA will consider issues of advised versus non-advised sales next April, raising hopes that Money Marketing’s No Advice No Protection campaign will succeed.

The regulator will analyse consumer awareness around the lack of redress that the public have with the Financial Ombudsman Service on protection policies bought direct as part of a wider review into Icob next year.

The review will be carried out by Dr Eleanor Linton, who heads the regulator’s mortgage & general insurance policy division.

FSA spokesman Robin Gordon Walker says: “We have said we will consider the issue of advice versus non-advice sales in our general insurance effectiveness review taking place next year and into 2007.

“It is not our policy, not yet anyway, to consider removing non-advice sales from the market, but we will be looking into this as part of the wider review.”

Lifesearch managing director Tom Baigrie says: “I now have no doubt this area will be thoroughly thought through in regulatory terms. That process will take time and we intend in the interim to challenge non-adv- isers directly to provide answers to our questions.”

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