The changing tide of regulation is having the opposite effect to what the FSA is attempting to achieve, research suggests.
Financial services support firm Focus Solutions says 58% of providers questioned believe consumer confidence is actually falling as a result of regulator meddling. Of these providers, 57% stated this is due to the amount of documentation and information consumers are given within a sale, and 43% because changing regulation is not understood by consumers. Richard Stevenson, chief executive officer at Focus Solutions, says: “Regulation is a constant in the financial services industry and as we have heard from providers unsurprisingly it is having an impact on working practices, affecting co...
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