Mis_selling Costs Increasing
Published / Last Updated on 23/11/2010
According to the Hector Sants when speaking to the Treasury Select Committee, chief executive of the FSA, mis-selling of unsuitable pensions or investments costs consumers about £250m a year, but doubled to £500m a year when fees and commissions are added. The FSA has proposed banning financial advisers from receiving commission on products they sell, they would then have to charge separately for the advice given.
Our view: Mr Sants is a fool. It is not independent financial advisers that are causing these commission and complaint problems it is bank salespeople. He should address the bigger issue of his failure to regulate banks before trying to cripple the part of the industry that actually does a good job and creates less then 5% of all Ombudsman complaints.
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