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Media release: Far from protecting consumers, the Financial Advisory and Intermediary Services (FAIS) Act and Twin Peaks cost billions and add nothing

 26 Mar 18
FAIS, effective in 2004, was supposed to be a significant advance in protecting unsuspecting consumers from ‘rogues’ in the Financial Services sector who were ‘mis‐selling’ unsuitable insurance policies and causing a high lapse rate (when a policy is…