FCA: we are all to blame for lack of trust

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The blame for the erosion of trust in financial services must be laid at the feet of everyone involved in the sector, the Financial Conduct Authority's (FCA's) director of supervision has said.

Though the FCA's predecessor, the Financial Services Authority (FSA), failed as a conduct regulator, equal weighting must be given to firms that designed, manufactured and sold products not always with the needs and interests of their customers in mind, Clive Adamson said. "[Many firms saw] the customer as somebody to maximise profit from," he said. "This has been accentuated by a view, and it has to be said encouraged by the FSA, that disclosure at the point of sale absolves the seller from a real responsibly of ensuring that the product or service represents a good outcome for the cust...

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