FSA Warns of Stricter Banking Regulation
The financial watchdog is unhappy about aspects of the banking industry's performance
25th November 2004
The city and financial services watchdag, the FSA, has warned the banking industry that it will consider introducing stronger regulation if certain aspects of the industry's performance isn't improved.
Of particular concern was the practice employed by some banks of rewarding sales forces for selling unsuitable products to customers, and in many cases complaints handling was judged unsatisfactory.
While the FSA says it would prefer banks to regulate themselves and notes that some banks have improved recently, this month's introduction of stricter mortgage regulation shows that the watchdog isn't afraid to get tough on problem markets.
Read More: FSA Press Release
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