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Awareness of financial regulation grows slowly

Over 40 per cent of the public are unaware that there is any type of financial regulation in the UK, according to the FSA’s latest consumer awareness research.

The latest figure of 41 per cent is a slight improvement on 47 per cent last year.

Just 15 per cent of people could state unprompted that the FSA regulates people and companies selling financial products, the same as in 2005.

Thirty-four per cent are aware that the FSA regulates the industry compared with 30 per cent last year, with the rest aware that there is some kind of regulator but unable to name it.

Lack of knowledge about financial regulation is highest in the younger and older age groups, with 60 per cent of 16 to 24-year-olds and 51 per cent of those over 65 unaware of regulation.

An FSA spokesman says: “A potential explanation is that regulation is linked to experience of operating in the financial services market and the age groups with less experience of dealing with financial products are less likely to know about the regulator.”

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