The Financial Services Authority (FSA) has told banks the new regulatory system will push them to weed out potentially harmful products and demand they pay particular attention to treating customers fairly.
Bankers were once of the "highest repute" and banking synonymous with confidence and trust, but this has changed thanks, in part, to the financial crisis, the FSA's Martin Wheatley said in a speech to Scottish bankers on Thursday. Wheatley, managing director of the regulator's consumer and markets business unit, said problems had also been caused by banks' failure to be open and honest with customers. He said it would be the job of one of the FSA's replacement regulators, the Financial Conduct Authority (FCA), to "get to grips" with these issues and rebuild confidence and trust in the...
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