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National Consumer Council slams &#39Markets&#39 bill

The National Consumer Council has slammed the Financial Services and Markets Bill for reducing consumers&#39 legal protection when they buy pensions and insurance products.


It says that under the Bill consumers buying a faulty kettle will have more financial clout than those that buy a pension or insurance product that fails.


The Bill which is currently undergoing pre-parliamentary scrutiny does not have a set of consumer protection principles.


Consumers will have to rely on the FSA&#39s &#39principles for businesses&#39 rules to protect their interests.


NCC chairman David Hatch says: &#34Its unfair to expect consumers to take responsibility for their own decisions on financial products. These are complex products that often involve a long-term and expensive commitment. Consumers just cannot afford to make mistakes in this area.&#34

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