Firms are failing to treat their customers fairly because they have unfair terms in their contacts with consumers, the FSA says.
A review conducted by the regulator found advisers and providers fail to assess fairness of terms, rely too heavily on external compliance firms, review irregularly and publish out-of-date material in their contracts. It says unfair terms can result in poor outcomes for advisers as well as their clients, and reminds firms its December TCF deadline is fast approaching. Dan Waters, the FSA director of retail policy and themes, says: “The results of this review are disappointing. “A contract sets out the relationship between a firm and its consumers, so if a contract contains unfair terms i...
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