The Financial Services Consumer Panel welcomed the FSA's announcement today that it is not pressing ahead immediately with the proposed simplified sales process for Sandler products.

Ann Foster, Chairman of the Panel said:

"We welcome today's indication that the FSA is putting its consumer protection responsibilities ahead of taking any decision on a lighter system of regulation for Sandler products. We believe that the FSA research published today raises questions as to whether there would be adequate consumer protection with the proposed filtered questions approach. We are pleased that a second round of research is to be conducted.

What we would also like to see is the FSA undertaking additional research into how to provide a generic financial advice service, entirely separate from the sales process. We believe that this is the way to help people to understand more and so have confidence in using financial services to save for the future."