Hector Sants has decided, as one of his louder swansongs on leaving the FSA, to reduce the range and increase the costs of products for personal savers.
Nobody condones wantonly careless or deliberately deceptive mis-selling: but that is not the issue.
A bunch of bureaucrats wll doubtless rely on their employed actuaries to assess whether 'products' are viable: then undercover mystery shoppers will try to con agents into selling 'inappropriate' products to the people they purport to be.
Actuaries have an appalling record of getting the big picture wrong. They didn't notice the aging population for a whole generation down to the late 'nineties. Now, on the threshold of a massive inflation they are still advocating that the few remaining savers' assets should be put into bonds.
Fake identities never can act or think as real people.
The whole charade will make the fewer permitted product types more expensive because of the enhanced costs of the FSA employees and the compliance people in the firms.
Great!
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