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‘Risk check will not be regulation of products’

The FSA has assured product providers that its new process for assessing the risks posed to consumers by financial products will not stifle innovation.

The product risk framework modelling tool sets out criteria to help the regulator analyse product risk and is used to filter out products that the FSA thinks need to be flagged up as holding potential problems for consumers.

The PRF is a series of tests, including the inherent characteristics of the product, the controls that firms have in place on the marketing of it and the target audience of consumers.

The FSA has tested the process with firms, trade bodies and its consumer and practitioner panels and plans to roll it out in the second half of this year as part of its assessment of emerging risks.

But the regulator says that the PRF is not product regu- lation through the back door and dismisses criticism that the tool may discourage firms from launching innovative new products.

FSA spokesman Robin Gordon-Walker says: “We are not a product regulator. The PRF is not about saying this product is not allowed. It just helps us to analyse the risks rela- ted to products.”


Sign to take designation issue back to the PFS

I would like to add my voice to those of David Barnett and Alan Parkinson (Money Marketing, last week) in expressing my dissatisfaction with the way that the Personal Finance Society is shaping up.

FSA sets out ’emerging threats’

Payment protection insurance, child trust funds, mortgage disclosure documents and venture capital trusts have all been included in a new list of emerging retail risks drawn up by the FSA.

Scottish Life issues mini-pension guide

Scottish Life has produced a credit card sized leaflet summarising the essential facts on A day for advisers.The guide covers the 10 main areas in pensions legislation facing change at A day, including the statutory lifetime allowance, retirement and death benefits, protection and retirement annuity contracts.The leaflet, which is free, can be ordered through Scottish […]

Welcome to The Brunner Investment Trust PLC

Welcome to the latest update for The Brunner Investment Trust PLC from the trust’s portfolio manager Lucy Macdonald. Market Review Global equities ratcheted higher throughout February, buoyed by optimism about global growth and corporate earnings. All regions advanced, although Japan tended to lag many other markets. In sector terms, healthcare, information technology, consumer staples and […]


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