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Consumer watchdog calls on FSA to look at CitiSolutions

The Consumers&#39 Association is urging the FSA to investigate Citigroup&#39s UK home-service business ahead of mortgage regulation in October.

CA principal researcher Teresa Fritz says it is extremely concerned that consumers may be offered unsuitable life and mortgage products by agents with minimal training from CitiSolutions, the home-service division of Citigroup&#39s UK financial arm.

CitiSolutions agents visit clients in their homes and complete a financial needs questionnaire with them.

The CA has contacted the FSA asking it to investigate the way the agents work and at what point in the sales process authorised representatives are involved in examining investors&#39 financial circumstances and recommending a product. It says one of its main concerns is that consumers contacted by CitiSolutions are looking at complex products such as critical illness and life insurance.

Fritz says: “We are extremely concerned about this operation. We believe that this type of set-up will not be able to operate once regulation is brought in.”

Citigroup declined to comment.


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