You will recall my letter was explaining my feelings as to how we IFAs are regulated so much and yet the institutions such as banks seem to get away.
However, following on from this I read in a daily newspaper that the Financial Services Authority (FSA) had fined HSBC nearly a million pounds for the mis-selling of accident, sickness and unemployment cover.
I believe this proves that when an IFA finally advises the client what is best suited for their needs and ends up advising on permanent health insurance (PHI) product, we are not doing such a bad job after all.
I have several clients who have, and are, claiming on the PHI policy they hold and have written to me thanking me for the advice given to them.
Any adviser giving best advice should not look for cracks in the system, but just go out and walk tall.
Terry Keen
Via e-mail
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