The head of the Financial Services Authority has called for a “radical rethink” of consumer protection in the UK, including the possible imposition of fee caps and bans on some retail financial products.
The head of the Financial Services Authority has called for a “radical rethink” of consumer protection in the UK, including the possible imposition of fee caps and bans on some retail financial products.
The regulator has historically adopted a “light touch” approach for the regulation of financial products, emphasising full disclosure, but the financial crisis and a series of mis-selling scandals have forced politicians and regulators to reconsider.
“The way we do things now is not good,” Lord Turner, FSA chairman, told the Financial Times as the regulator prepared to issue a formal discussion paper on consumer protection. “We may have to put what is expected into rules to make it easier for us to say what is not [acceptable].”
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