Tailpiece

To see consumers in the most developed of markets — the US, the UK, the EU, Australia and so on — being exploited pretty much the same way as we in India are is both a disappointment as well as an opportunity. The disappointment comes because even as India readies itself to arm regulators with new powers to regulate distributors, agents and those selling financial products, there is no benchmark in sight. In the UK, the Financial Services Authority (FSA) notes in a paper released on Wednesday, British consumers of financial products face the same problems of misselling. Meaning, regulators in developed markets have to address the same dilemmas of managing the last, bumpy mile in financial services delivery as Sebi and IRDA in India do. The opportunity is that India can set standards and laws that become global benchmarks.