MPs are calling for the Financial Conduct Authority to be given powers to set minimum standards for a range of mass-market financial products.
Last week, Liberal Democrat MP and Treasury select committee member John Thurso posted an early day motion calling on the Government to include the powers in the Financial Services Bill, which is due to be published early next year.
He says: “When buying products like life or unemployment insurance, often as part of something else, most people do not pay for advice and some find what they buy is not what it says on the tin. This is the perfect time for the Government to put forward proposals introducing minimum standards for products so ordinary people can know what they are buying and can easily compare products.”
At the time of going to press, the motion had been signed by 13 Conservative, Liberal Democrat and Labour MPs.
Dennehy Weller managing director Brian Dennehy says: “It is a brilliant idea in theory but the regulator does not have enough common sense to implement it properly.”