The Consumers' Association says the Sandler review has nailed 'the industry line that it serves consumer interest' by finding the industry full of 'poor products, bad advice and failed regulation'.
It believes Sandler's proposals will help address causes of mis-selling, as well as reduce sales of unsuitable products and improve the quality of advice.
CA director Sheila McKechnie says: “This is a powerful report. It has correctly diagnosed the fundamental failings of the financial services industry. It offers a way forward which focuses on the needs of consumers not industry.”