FSA reveals product regulation plans | News | Money Marketing

FSA reveals product regulation plans | News | Money Marketing

Friday night ... went down the pub with my mates as usual. Typical pub, full of noise, outbreaks of raucous laughter etc., you know the type of thing, but I overheard these two guys deep in conversation at the end of the bar.

Now, I didn't hear it all because of the hubbub, and shouts for the next round etc., but what I did hear was so interesting I thought should post about it.

Apparently there is a global discussion amongst car manufacturers about moving into the personal investment markets, based on a single premium structured product. Now the minute I heard that bit, I edged closer and tried to hear more.

It seems that the single premium will have two elements, one investments of the consumers' choice via a platform and the other element gets you a new car.

They sniggered at one point ... it seems once each year any depreciation on the car will be deducted from the investment element - but a bit of skilful hedging will disguise what is actually happening.

All above my skill levels to be brutally honest, but they both agreed they had the exam passes to get it all off the ground.

Anyway, I digress ... it seems that the real attraction for car manufacturers is to do with faults in car design.

From what I managed to hear they have been monitoring the FSA's thoughts over product manufacture in the investment markets, and how this looks as though it will relate primarily to mystery shopping and pro-active scrutiny of the sales environment for products, but not perhaps back to the original manufacturing of any product.

Of particular interest seems to be the fact that the FSA have said there are far too many products for them to make judgements on each individual product, and they laughed out loud when they listed the bits that went into each new car.

Then the karaoke started .... but as best I heard it, the real clincher seemed to be that if it all went ahead, it would always be the product retailer that would be first in line over responsibility from now on over sticky accelerator problems and the like.

It may have been the drink they had already consumed, but they became very animated as they imagined this brave new world of "Why did you sell this defective product - and never - why was this unsafe product allowed out on the streets in the first place."

Because of the noise, I am also sure I misheard the bit about the FSA having already agreed that many ex-IFAs would make ideal used car salesman, and giving an assurance that there would soon be a plentiful supply.

A rather loud version of "Delilah" by one of my mates meant I heard no more.

Is any of this true?

Well, maybe I should tell you - I really wasn't down the pub last night.

But I was thinking about going on the phone to my MP about this idea of mine about an "endowment scrappage" scheme.