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Turner Review: Consumer Panel says review ignores banks’ TCF failings

The Financial Services Consumer Panel has criticised the Turner Review for failing to address banks’ “appalling” treatment of customers.

The panel welcomes Lord Adair Turner’s “candid” assessment of what went wrong in the run up to the current financial crisis.

But, FSCP acting chairman Adam Phillips says: “The review, for all its revealing content and excellent analysis, has not commented on the appalling way which banks have treated their customers both before and during the banking crisis.”

He adds: “The review suggests that the FSA has been biased towards conduct of
business rather than prudential regulation of banks.

“However, recent history in terms of bank charges, the selling of payment protection insurance and mortgages shows that the FSA cannot be allowed to think it has the regulation of the consumer facing side of financial services under control.”

The FSCP says it is looking forward in engaging in the debate over how the proposals can deliver better outcomes for consumers.


Pearl considers debt restructure

Hugh Osmond’s Pearl Group is reportedly holding talks with banks in a bid to restructure £3bn of debts.


Britain's “Forgotten Army”: The collapse in self-employed pension membership – and what to do about it

Pension scheme membership among employees has risen by more than five million in the past four years because of the policy of automatic enrolment into workplace pensions. But Britain’s army of 4.4 million self-employed people, who account for one in seven of the workforce, are not covered by automatic enrolment. Pension coverage among the self-employed […]


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