The suggestion that product providers be paid according to the ‘level of satisfaction' which a product provides, seems to be taking the nanny state to every greater extremes.
How you define the level of satisfaction in the first place is an issue the Treasury Select Committee doesn’t address. And in what other industry or sector are customers allowed to use the product for so long, and then ask for a refund under some so-called vague definition of a lack of satisfaction? If this were applied to the financial services industry it would result in a level of farce not seen since Hoover offered free flights to New York. Obviously the TSC is specifically driving at the supposed level of satisfaction which is said to be around for endowments linked to mortgages....
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