The Financial Services Authority (FSA) is failing to protect consumers, according to a report in ‘Which?’ magazine.

Criticisms include charges that the FSA refuses to name and shame firms that put out misleading advertising, leading people to make inappropriate or wrong purchases when it comes to financial products.

“To be honest, the British public is not financially sophisticated and there is a big role for the FSA to play in safeguarding them,” said financial expert Martin Cunningham.

“I am sure the FSA means well, but it has to send a robust message to the industry that any sort of misdemeanour or falling short of acceptable standards will be dealt with as severely as the law permits.”

A spokesperson for the FSA said the organisation is currently undergoing a review of its performance and that it is “committed to achieving a fair deal for consumers within the retail market”.

Cunningham said: “That’s all very well but deeds have to match words and it would be encouraging to see the FSA taking action against persistent offenders.”