And two is the reputational risk for the firm if they are seen to be chasing clients who cannot afford premiums to get commission back.
“If the client went to the Financial Ombudsman Service, our experience is that they would rule in favour of the client and that could potentially put the firm on the radar for the FCA. “Under Treat Customers Fairly, our thoughts are that both the above wouldn’t sit well with the FCA,” said Allison.
Article continues after advert
ruby.hinchliffe@ft.com
Page 3 of 3
