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OFT warns against regulatory costs falling on the vulnerable

The OFT is calling for policy changes to stop the cost of financial services regulation impacting disproportionately on vulnerable consumers.


It says current banking and insurance practices are excluding millions of low-income households from essential financial services.


Director general John Bridgeman says: &#34A new commitment from Government, regulators and industry is needed to improve the economic welfare of those on low or volatile incomes, ethnic minorities and the disabled.


&#34Such people are being left behind in an expanding market where the choice is between a range of complex and highly regulate products primarily aimed at relatively well off and low risk consumers.&#34

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