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FSA overhauls life insurance distribution
25 June 2009
The UK Financial Services Authority (FSA) has proposed sweeping changes to the ways in which investment products can be distributed to retail customers.
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Financial Services Authority
life insurance
bancassurance
The UK Financial Services Authority (FSA) has proposed sweeping changes to the ways in which investment products can be distributed to retail customers.
The FSA’s most recent report concerning its Retail Distribution Review – a review of the UK investment market, which began three years ago – outlines a new set of rules aiming to improve the clarity with which firms describe their services to customers, address the potential for bias in the ways in which financial advisers are compensated, and increase the professional standards of advisers.
As a result all investment firms will have to clearly describe their services as either ‘independent advice’ or ‘restricted advice’. Companies providing independent advice will be required to provide their customers with unbiased advice based on comprehensive and fair...
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