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The best course of action

Your article in Money Marketing last week, ‘ABI chief blames contracting- out problems on IFAs’, draws on comments made by ABI chairman Keith Satchell at the Treasury Select Committee, in his capacity as a member of the Retail Financial Services Group.

Unfortunately, your reporter muddled two separate stories. Mr Satchell’s remarks were made in response to questions from Jim Cousins, MP, about the position on contracting-out now and in the future, and in the context of how continual changes to the contracting-out regime have made it difficult for anyone to decide what the best course of action should be.

He was not asked about the ABO reaction to your previous speculation about contracting-out in past years, or the FSA’s current research work.

Contracting-out has been a complex issue for consumers and advisers for many years. That was the point Mr Satchell was making at the Select Committee. As your readers will know, the ABI has worked with Aifa to produce leaflets for consumers and advisers. The FSA is now producing a similar consumer leaflet. It is only to state the obvious when Mr Satchell said that financial advisers have a major role in helping their individual clients.

Alan Leaman

Director of Communications, ABI

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