The product intervention prototype

As the FSA finalises its latest with-profits reforms, Adam Samuel delves into their murky depths and points out that the regulator’s new product intervention policy has in fact been around a little while.

Adam Samuel BA LLM DipPFS MCISI FCIArb Certs CII (MP&ER) Barrister and Attorney may be contacted at AdamSamuel@aol.com. His book, ‘Complaints and Compensation: a Guide to the Financial Services Market’, is available from his website, www.adamsamuel.com. An editorial board member for Compliance Monitor, Adam is a published commentator on COBS 20 (with profits).

In March, the FSA published PS12/4 confirming most of the changes proposed in CP11/5 to the way in which with-profits funds work. With all the discussion about product intervention currently part of the plans for the Financial Conduct Authority, a look at where the FSA first tried its hand in this area may provide some insight for the future.