Replacements under the Spotlight
Posted on 4 Aug 2015
We have seen an increased focus by the FSB on the activity of replacing one financial product with another, particularly in relation to long-term insurance products where the FSP is also a registered long-term insurer. The Retail Distribution Review also proposes a ban of commission on replacements of life risk products. Replacements, however, are not confined to this product type and have consequences for customers across all financial products.
