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&#39FSA failed to protect consumers&#39

The FSA is criticised by the select committee for failing to protect

consumers.

The committee&#39s report says if investment trusts had been regulated,

it would have been easier for the FSA to identify potential problems.

It says if the FSA&#39s investigations into the crisis are is hampered

because investment trusts are not regulated, then the Treasury should

look into the matter.

The report says: “The FSA has had a general responsibility for the

proper conduct of affairs in the financial world. Our judgement is

that the FSA was not as proactive as it might have been in

identifying and responding to the developing dangers.”

AITC communications director Annabel Brodie-Smith says: “We have an

open mind about regulation but are not convinced it is the best way

forward. We would like to see a review on the investment trust

position so people who bought direct can go to the ombudsman.”

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