FSA: Industry has 'itself to blame' for low consumer confidence

Scott Sinclair
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The FSA's acting enforcement head, Tracey McDermott, has said the financial services industry is failing to heed the lessons of previous failures and "has no-one but itself to blame" for low consumer confidence in the sector.

Speaking at the City and Financial Conference, McDermott picked on a number of incidents of mis-selling by financial advisers. She said: "How could any adviser ever have thought that selling a 94-year-old with a three-year life expectancy a five-year product was fair? "How could any adviser have thought that investing large proportions - or even all - of a customer's retirement fund into high risk Unregulated Collective Investment Schemes was suitable advice? "Why did advisers tell clients to invest in products they themselves did not understand?" McDermott went on: "It really i...

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