Mis-sold Mortgage Claims > Mortgage News
Financial Regulation Affecting Consumers Needs to be Reformed
Mon, 13 Feb 2012
There is an urgent need to reform the regulation of consumer financial services and to hugely enhance the quality of financial education and free advice available.

The Government has presented the Financial Services Bill to Parliament which tries to learn from the mistakes the previous government made to alter how banks and financial services have been regulated.

Other countries like Canada have done much better than the UK during the present recession as they regulate their financial services differently.

Consultation is crucial and legislation is going will ensure that the information we receive about financial products, such as, current accounts, savings, pensions, insurance, loans and mortgages is presented simply and clearly. This would go some way to prevent mis-sold mortgages and payment protection insurance .

Charges are frequently hidden or shown in a way lost of people do not understand.

Many of us need financial and budgetary help. Nearly 7 million UK adults are lacking basic numeracy skills to manage daily finances .

20 per cent of adults, when asked to opt between receiving £30 or 10 per cent of £350, go for the lower figure.
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