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Which? calls for industry to adopt list of new standards

Which? is calling on the financial services industry to sign up to a list of new standards which it says will restore confidence and avoid misselling scandals.

In a consultation paper, entitled, Time For A Change, Which? has compiled standards it believes firms should abide by, such as a set of customer principles included in annual reports to judge how well customers have been treated.

It also wants to see a move away from commission-based selling techniques, better disclosure of company information, for example, publishing records of complaint handling, and the establishment of consumer councils. Which? believes if this standard is adopted, it would help consumers make informed choices.

Chief executive Peter Vicary-Smith says: “Following a succession of misselling scandals and low market performance, consumer confidence and trust have been severely damaged. Regaining trust has to be number one priority. The industry should grasp the opportunity to build on other initiatives to encourage people back to the market. This is not only in the consumer interest but the nat-ional economic interest, too.”

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