The government has been criticised for its insistence that the Money Advice Service (MAS) should be responsible for educating consumers about risk.
An amendment put forward for the Financial Services Bill proposed adding an extra responsibility for the new Financial Conduct Authority (FCA) in its consumer protection objective. Presented by Labour peers Lord Peston and Lord Barnett, it said the FCA should have regard to "the need to inform and educate consumers with special emphasis on the unavoidability of some risk". Arguing against the amendment, Lord de Mauley, a government spokesperson for the Treasury, said the FCA's objectives were met through conduct of business regulation, while the MAS would lead the way in financial edu...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
