That is the question the financial services industry have been asking the regulator, The Financial Services Authority for a very long time.
On 17 April, the FSA finally clarified what constitutes mis selling. The FSA said that the key factor in determining whether mis selling had occurred was the suitability of advice given to investors, regardless of the investor level of satisfaction with the performance of any product purchased.
The regulator said: "It is the suitability of the recommendation for the consumer, not the investment performance of the product that matters"