Mis-sold Mortgage Claims > Mortgage News
Financial Regulation for Mis Selling Financial Products Gains Support
Thu, 02 Feb 2012
Financial regulation to control the mis-selling of financial products, such as mis-sold payment protection insurance, mis-sold mortgages and mis-sold loans, has gained a great deal of support.

A top watchdog’s plans to reform financial regulation have been formulated to ensure that the correct products are sold to the right people. This has been given the thumbs up from consumer groups and qualified approval from the financial industry as a sensihttp://www.missoldmortgageclaims.co.uk/ble way forward to fend off the mis-selling scandals which have recently plagued this country.

Chief executive designate of the planned new Financial Conduct Authority, Martin Wheatley, stated this week that the regulator would "step into the footprints of customers" to protect them from making irrational decisions.

Moreover, he went on to say recently that the FCA would also start talking to front-line staff and employ mystery shoppers. It also anticipated that the FCA will get the power to ban products and interrupt product development.

The FCA is not expected to have to wait till something goes wrong; it can rectify a problem prior to it intensifying.

The Financial Services Authority, which is going to split into two, the FCA and a prudential regulator, has focused on ensuring consumers receive full and accurate information prior to sales and then redress being sought in the case of mis-sold financial products.
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