Make sure your customers know exactly what product they are buying, says the regulator
Financial service companies still need to do more work to fully explain their products to consumers before and after they are sold to avoid further cases of mis-selling. That is the view of Carol Sergeant, managing director of regulatory processes and risk directorate at the FSA. Speaking at the Ernst & Young 2003 Financial Services Summit in Edinburgh, Sergeant said companies need to test whether or not consumers understand the products they are being offered and whether or not they actually need them. At present, she believes consumer capacity to understand a product and how it fits t...
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