Is this right

19 September 2006 Angelo Coppola

We have written about the Woolworth's and A&G announcement that they would be offering a range of short term products to their clients via an A&G call centre.

Not being of a technical bent, one of our readers asked whether Woolworth's is allowed to benefit commercially from its relationship with A&G, if they are not registered as an FSP.

A quick visit to the FSB website under the FAIS heading revealed that Woolworth's is indeed a registered FSP. Licenced for category 1 long term insurance category B.

Drilling into the information it appears that there are 13 authorised financial service provider's representatives.

Editor's thoughts:

*So they are allowed to benefit commercially from the relationship, but one wonders whether they can and should do so, as they are registered to operate in one particular area and yet receive commercial benefit in another area?

* I guess it would also call into question whether the people licenced as representatives are operational in the financial services sector and provide advice?

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