Current financial practices are now much better than under the former financial services regulatory regime, suggests the Treasury Select Committee, despite evidence suggesting consumers now mistrust financial institutions.
According to chapter 8 of the TSC report into confidence in the long-term savings market – entitled the role of the FSA – there is no evidence the FSA has imposed burdensome regulation on the industry, says the committee, instead any lack of confidence in today’s financial services sector is the result of poor regulation prior to the FSA. While financial advisers expressed their unhappiness to the TSC at the amount of regulation now associated with the financial services industry – through written evidence presented to the committee and during oral sessions - the TSC has concluded the on...
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