Thursday, 16 June 2011

The teeth to deal with financial rip-offs

How would you stop the PPI, endowment and pension scandals of the future?

You could have an enforcement body whose job it is to:

*ban flawed financial products,

*stop misleading promotions,

*and make firms compete honestly with each other.

Plus, you could tell it that when respected bodies such as Which? and Citizens Advice flag up that a lot of people are being ripped off in the same way, it must take swift action to make sure everyone affected gets full compensation.

It's called "mass consumer detriment".

Today's White Paper on financial regulation promises to give these powers to the new Financial Conduct Authority, replacing the consumer regulation side of the FSA and taking in the Office of Fair Trading.

Millions of ripped-off consumers will be wishing that the powers had been in place for years and that they'd been used to protect them.

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