You are here: Home - Uncategorized -

FSA ‘failing consumers’

Written by:

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.”

Related Posts


Tag Box

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

ISAs: your back-to-basics guide for 2018/19

Here’s everything you need to know to make the most of your unused ISA allowance ahead of the 5 April deadli...

A guide to Sharia savings accounts

A number of Sharia savings products have upped their game in recent months, beating more familiar competitors ...

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Beware the fraudsters

Whether shopping on the high street or online in the run up to Christmas, it is essential that you take...