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Industry culture cultivated misselling

The Financial Services Consumer Panel is agreeing with the Treasury Select committee that there needs to be cultural change within the financial services industry to avoid future misselling problems similar to the endowments crisis it has recently reviewed.

The committee has suggested culture change requires a fundamental movement in the current system of commission-based fees hand the FSCP believes this proposition is worth debating with the aim of treating customers fairly.

Panel chairman Ann Foster says she also looks forward to further discussions with the FSA on how it continues to press firms to deal appropriately with consumers and their complaints, and its role in helping consumers address their shortfall and achieve redress where appropriate.

Foster says: “The financial services industry has much to learn from this Report. It is yet another call for the interests of consumers to be put at the heart of their business. The industry should respond to this if they wish to restore consumer confidence in their industry. “

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