The Financial Services Practitioner Panel has welcomed the FSA's discussion paper regarding the respective obligations of providers and distributors in meeting treating customers fairly.
Jonathan Bloomer, deputy chairman of the panel, said: "The Panel wholeheartedly agrees that consumers have a right to be treated fairly, and that the relationship between providers and distributors is an important element of that. However, this is a complex area and one that we think will benefit from an open debate.
“The paper's high-level positioning by the FSA, without the need at this stage for further prescriptive rules or guidance, is in keeping with the well-publicised move towards a more principles-based regulatory regime and greater reliance on market-driven solutions. The Panel has been broadly supportive of that shift in approach, and views this as a good example of how principles-based regulation can – and should - work in practice.
Bloomer added: "This document is a helpful attempt by the FSA to provide some general clarity, stimulate discussion and provide encouragement to the industry – providers and distributors - to work together to ensure that consumers indeed do get the right deal for themselves. The Panel hopes that regulated firms and trade bodies will review it and respond to the FSA on any issues arising."
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