What does the FSA consider to be serious regulatory failures?
The list below is a reminder of some of the areas that have been the focus of recent FSA thematic work or communications: • ongoing poor PPI sales practices; • failure to explain clearly key information in product disclosure documents (such as Key Features Documents) and post-sale communications on with-profits; • failure to evidence good advice quality in an area/product where the firm had performed poorly in the past (mortgages and investments); • failure to take into account the right factors in making lending decisions; • unfair arrears management practices when firms are trying to secure payments on outstanding debts; • with-profits funds run without due independent challenge; • high pressure selling of shares and structured products; and • failure to resolve issues concerning firms’ promotional material and using unfair terms in customer contracts (which result in material levels of consumer detriment).
Related Questions
- How will Gibraltars Financial Services Commission standards of regulation compare with other European regulatory bodies such as the FSA?
- What do regulatory agencies, such as the FDA and FSA advise with regard to evaluating and buying dietary supplements?
- What does the FSA consider to be serious regulatory failures?
