About 99 per cent of financial services companies fail to meet all regulatory standards, according to a new survey by the Financial Services Authority.
The survey looked at routine visits over the last five years and found only 1 per cent of companies were fully compliant while 99 per cent were ordered to make changes by the FSA.
Most changes focused on issues not affecting consumers directly and just two per cent of cases were referred to FSA enforcement for further investigation.
FSA head of enforcement Dan Waters, said: “This is the real world. We know mistakes get made and we don't expect perfection.”