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Watchdog looms over statements

Independent and tied advisers will have to provide clients with a statement of demands and needs for protection policies sold from January 14, 2005.

The new European and FSA rules on protection begin in January and if advisers fail to provide the statements, clients can complain and get up to 100,000 compensation from the Financial Ombudsman Service.

The rules, which form part of the Insurance Mediation Directive that is being incorporated into FSA insurance regulation, will require previously non-regulated intermediaries to have complaint systems in place by January 14.

Advisers will have to hand out documentation with their name and status and information on how this can be checked on the FSA register. They should also provide information on the range of products the firm can offer.

Scottish Widows marketing director Nick Kirwan says: “Advisers need to be ready for this and make sure that they are not learning from mistakes that they made 10 years before. Dealing with the FOS will be one of the biggest changes they will see and they need to ensure their advice procedures are rigorous from the start.”


Menu costs will be passed back to consumer- Which

Consumer group Which has slammed depolarisation as an expensive waste of time for customers. Which senior policy adviser Mick McAteer says the costs of bringing in the menu, which the FSA now estimates will at 28m a year for tied firms and 13m for independent firms, will inevitably be passed back to the customer. McAteer […]

Open the door to IFAs

The news that IFAs have been deemed ineligible by the Association of IFAs to serve as director general will come as a great shock to most advisers.


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