Martin Wheatley 480

Martin Wheatley 480

Martin Wheatley, the FSA’s managing director, speaks at the Thomson Reuters building in Canary Wharf, London, September 5, 2012. Britain’s banks have 18 months to stamp out incentives that encourage the mis-selling of financial products or face “intrusive” action, the Financial Services Authority said on Wednesday. UK banks have been hit by a string of scandals in the last 20 years for inappropriate selling of products, such as insurance, home loans and pensions, to customers who often did not need them. Compensation for mis-sold loan insurance alone will cost the banks 9 billion pounds. Martin Wheatley, the FSA’s managing director, told a Thomson Reuters Newsmaker event it was time to tackle incentives for sales staff as banks were no longer serving customers properly. REUTERS/Simon Newman (BRITAIN – Tags: BUSINESS)

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Conservatives to appoint Ros Altmann consumer protection minister

Ros Altmann is to be made a peer and appointed as a minister responsible for financial consumer protection and education, if the Conservatives are in government after the election. Altmann’s first task will be to lead a review of the pension reforms, including the future of the Money Advice Service and whether a charge cap […]

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