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Davies slams PIA

FSA chairman Howard Davies has slated the PIA as being intrusive and oppressive on the day the new regulatory regime comes into existence.

In an article in a national newspaper today, Davies criticised the old regime as pleasing no-one and being the least satisfactory part of the FSA&#39s inheritance.

Davies said: “It is thought by the provider firms to be costly and ineffective, is felt by intermediaries to be intrusive and oppressive, and is considered by consumers to be toothless and inadequate. There is no doubt in our minds now that major reforms are needed in a number of areas.”

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