Law firm issues mis-selling warning after FSA guidance

Storm warning

A leading law firm has warned firms to be "extremely careful" in designing sales incentives following the guidance issued by the Financial Services Authority (FSA).

The regulator yesterday published advice in a bid to help firms avoid creating and running incentive schemes that "drive mis-selling". 

And CMS Cameron McKenna commented that "two points come across loud and clear" - that schemes drive people to mis-sell and those based on sales volumes are "broadly unacceptable".

Analysing the guidance - which attempted to clarify the wording and provide examples of good and bad practice - CMS regulatory partner Simon Morris said: "This massively limits the

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Applied updates on commercial push

Applied Systems has confirmed Arch Insurance is about to enter the pilot phase of onboarding and will be live on the Applied Epic broker management system in April, with Iprism and Ark to follow and more promised in 2024.

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