The FSA needs to develop faster processes for dealing with problems affecting consumers if it is to ...
The FSA needs to develop faster processes for dealing with problems affecting consumers if it is to improve public confidence and consumer protection, according to the Financial Services Consumer Panel (FSCP).
In its annual report, the FSCP said the regulator should take action to deter firms from mis-selling potentially difficult products such as precipice bonds or split caps and deal quickly and openly with misleading financial advertising.
FSCP chairman Colin Brown said the FSA should also aim for more consistent rules across the range of businesses it regulates, for example extending the requirement for Key Facts documents to complex products such as high-income bonds.
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