A UK banking watchdog has suggested the law should be changed to prevent future bank mis-selling. The Financial Services Consumer Panel (FSCP) advises the Financial Conduct Authority (FCA) as ‘an independent voice for consumers of financial services’ and they want the duty of care from banks to their customers to be enshrined in law.
More than three million consumers could be in line for compensation as another mis-selling scandal is revealed by the UK financial watchdog. This time it’s retail stores and garages – not the banks – who are coming under fire as a Financial Conduct Authority (FCA) investigation has uncovered ‘serious and widespread issues’ with the sale …
Britain’s financial regulator has issued a scam alert for potential investors – especially the over 55s with access to thousands of pounds from their pension funds. The Financial Conduct Authority ScamSmart scheme believes the over 55s face a ‘heightened risk’ of falling prey to scams designed to separate them from their life savings.
The complexity of the British pension system puts 6 in 10 people off saving ‘because they don’t understand the system’ according to a new report. Accountants PriceWaterhouseCooper (PwC) say women and young workers are particularly affected.
Consumers are being warned to beware of a new sophisticated scam in the run-up to Christmas. Specifically targeting Lloyds customers, the new scam is ingenious and looks very plausible.