FSCS chief executive Mark Neale has called for the lifeboat fund to be able to exclude unregulated investment and retirement products that have led to increasing FSCS pay-outs in recent years.
In his speech at UK Finance's Retail Banking Summit, Neale (pictured) said guiding consumers towards simple, good value financial products would reduce the risk of mis-advising consumers. He proposed financial advisers should be barred from recommending products to mainstream investors outside of a protected boundary. The lifeboat fund chief executive, who will step down from the role in May, said more than 60% of the £3.3bn paid out in compensation costs during his nine-year tenure were a result of mis-selling or bad advice. The Financial Services Compensation Scheme (FSCS) has p...
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