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FSCP calls for EU redress reform

The Financial Services Consumer Panel is calling on the EU to develop requirements so firms can only sell financial products cross border if they subscribe to the consumer’s home redress scheme.

The Panel says consumers should be allowed to claim for redress through their home regulatory system, rather than being forced to address problems through the regulatory system where the seller is based, as is the current system.

The FSCP claims the system is fundamentally flawed because the structure of regulation and redress makes life easier for firms, but has huge complications for consumers.

Financial Services Consumer Panel chairman John Howard says: “Financial services firms must be made to provide easily accessible systems of redress to their customers in other EU countries if they want to sell across borders. We believe the simplest and best way would be for consumers to use their home systems to obtain compensation or redress.”


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