The Consumers Association has today caned the FSA over its handling of the endowment mis-selling sca...
The Consumers Association has today caned the FSA over its handling of the endowment mis-selling scandal and says the regulator still does not understand the depth of frustration felt by consumers who are without proper access to information or compensation.
The relatively low number of complains received so far is not evidence that the issue is not as severe as perceived, the CA says, but rather is evidence that the regulator is not doing enough to ensure consumers have the information they need to launch complaints.
A survey of consumers has found that 87% are unaware that the FSA has produced a factsheet on endowments explaining how to lodge a complaint, the CA says.
Just half of those who have made a complaint so far are aware of the factsheet, according to the survey.
The CA says that nearly 170,000 people have logged on to its endowments action website in the past four weeks, clearly showing the need for more action.
CA director Sheila McKechie accuses the regulator of "complacency and arrogance" that is leading to millions of consumers being let down.
"The FSA can no longer afford to sit on its hands over the issue of endowment mis-selling," the CA says in a prepared statement.
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