Mis-sold Mortgage Claims > Mortgage News
New FSA body could stop mortgage mis selling
Mon, 27 Jun 2011
Changes to the Financial Services Authority (FSA) could help stop mis-sold mortgages in future.

According to the Financial Times, the new Financial Conduct Authority, which will take over consumer protection issues from the FSA in 2013, is designed to stop any mis-sold sagas dead in their tracks.

Had a similar structure been in place, the current mis-sold PPI scandal may not have gone as far.

The proposed legislation changes could give consumer watchdogs such as Which? the power to force an early investigation into practices they believe to be underhand.

Financial secretary Mark Hoban is set to announce the changes today after unveiling a draft bill earlier this month.

"We've proposed a range of new powers for the regulator so that they can give better protection to consumers, including the power to ban toxic products," he explained.

"But we want to go further by giving front-line consumer groups like Which? the power to hold the regulator to account where there has been widespread mis-selling of financial services products."

The mis-sold PPI scandal could end up costing banks billions of pounds and has caused major grief for consumers, who have had to go through a lengthy process to retrieve their cash .
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