The CII is also concerned that the industry now has only 30 months to create a meaningful professional advisory market for niche products such as sale-and rent-back and right-to-buy, Mr Baxter adds.
If the public must receive advice in these potentially complex situations, Mr Baxter says they must be able to turn to an adviser market that is professionally trained and equipped.
Moving beyond professionalism, Mr Baxter says sensible steps seem present in other areas, highlighting in particular the move away from relying on written disclosure material.
“While comparable written summary material is important in helping customers to shop around, the previous rules took this too far.
“Behavioural economics tells us that customers do not approach financial services decisions in the manner that such detailed disclosure material supposes, and instead an overload of information for customers also presents a hefty compliance burden for firms.”