Consumers have responsibility for financial decisions - FSA

In a speech to the Financial Services Forum Corporate Communications Group McCarthy states: “In a strictly non legal, but nevertheless important, sense, consumers have responsibilities. And they certainly have a self-interest in discharging them.” McCarthy believes consumer responsibility is “vital to the effectiveness of financial markets” because if a firm fulfils all its obligations and treats the customer fairly but is still blamed when transactions turn out to be disappointing, whatever the consumer may or may not have done, “the fear of unpreventable liabilities would deter firms f...