Yesterday's FSA announcement of wide-ranging changes to the way life products are sold should not be ignored by intermediaries awaiting regulation in October 2004.
Yesterday's announcement by the FSA of wide-ranging changes to the selling of life products should not be ignored by intermediaries, says Insurance Times Editor Andy Cook.
The cornerstone of the FSA move is that independent financial advisers will only be able to call themselves as such if they offer the consumer the choice of paying a fee or commission.
And the adviser must tell the client which company's he or she acts for.
Of course there have been more problems with the sale of life products than non-life.
So if the FSA takes a risk-based approach (as is its claim), general insurance brokers will not face hard rules IFA's are now facing.
http:/news.bbc.co.uk/1/hi/business/2501113.stm
