Radical product intervention could stifle choice, warns ABI
The Association of British Insurers (ABI) has called for a balanced approach by the Financial Services Authority (FSA) on product regulation that reflects the diversity of retail financial services markets in the UK.
The ABI claims that the FSA does not need to develop new rules and regulations or introduce further radical interventions which risk stifling the market and restricting consumer choice.
The trade body also highlighted its response to the FSA's discussion paper on product intervention stating the regulator would be better served focusing on more effective, proactive and consistent supervision and enforcement of existing rules that underpin the core principle of treating customers fairly. It added
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