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Tories plan consumer disclaimer

The Tories are floating plans to introduce a consumer disclaimer in the advice process for some products.

At a meeting with the IFA Defence Union, Tory MP John Redwood said the idea was part of the “radical” agenda of his economic competitiveness group to reduce unnecessary regulation and help advisers.

He said advisers should be able to give “intelligent advice” on higher-risk products with a written disclaimer exonerating them from responsibility.

Redwood said the advice gap stems partly from advisers not being willing to service some clients due to regulatory fears or the FSA burden making them unprofitable.

The FSA is stopping many people from getting proper financial advice, he said.

Redwood, charged by David Cameron with producing policies by next summer, said caveat emptor has “much to recommend it” and the proposal could apply to several products.

He said: “You could have a device where an IFA would tell a client, if you want more interesting products here is a clear disclaimer. The adviser can say I am not going to stand behind you but I will still try and give you intelligent advice. Therefore there will be no claim.”


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