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FSA to stamp down upon mis-selling scandals

The FSA (Financial Services Authority) has today confirmed that new financial products entering the UK market in the future will be susceptible to more scrutiny than ever before. In a move which is aimed at reducing the number of mis-selling scandals further down the line, the FSA will become more proactive in vetting and scrutinising new products and new services before they are offered to the general public.

While there is no doubt that the vetting of each and every new product coming to the market will take time and money this new move by the FSA has the potential to save hundreds of millions of pounds further down the line. If there is one thing which the recent economic downturn has highlighted it is the need for further regulatory surveillance right across the UK financial sector.

As we have mentioned on numerous occasions, the UK financial sector which we will see in the future will be very different to that which we have seen in the past and the same can also be said of the FSA. A root and branch review of the UK financial sector has highlighted a number of weaknesses across the board and a number of potential improvements which can be made in the short, medium and longer term.

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