Financial services industry regulator, The Financial Services Authority (FSA), has confirmed that mis-selling scandals are affecting the rate at which people take out new investment, pension and savings policies.
The report appeared in industry newspaper the Financial Adviser last month and was said to have been raised by FSA managing director of regulatory processes, Carol Sergeant.
Our view
Extra Extra Read All About It! Exclusive remarkable market insight! Of course mis-selling is affecting the market and discouraging would be investors from taking advice or investing their hard earned cash.
As ever, we re-state that the only way to improve the 'savings gap' i.e. the difference between what people are saving and what they should be saving is stronger regulation to prevent scandals and better consumer education i.e. making people better informed about their money.
Exactly what we do in these sites and in the various newspaper and magazine articles that we contribute to.