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FSA has incorrect data on its website – can we fine it?

Financial promotions should be clear, fair and not misleading – so says the Financial Services Authority.

But what happens when one of the regulator’s consumer-facing documents does not meet this standard and it knows this but does not remove the offending document from its website?

You are probably wondering what I’m going on about. Well, recently I was doing a reasons why letter and was putting in some details on the help the state offers consumers unable to pay their mortgages due to sickness.

Where better to get up-to-date information than the FSA’s Money Made Clear website?

But that site says consumers won’t qualify if they have household savings of more that £8,000 and they may only qualify for help after nine months.

Different rules for us and the regulator, don’t you think?

Consider the number of IFAs and brokers who have used this document to advise clients and now need to write to them to give the correct information, and how many borrowers have got the document themselves and thus been misinformed by the FSA.

How does the regulator plan to make this right to the borrowers, IFAs and brokers it has misled? And can we fine it?

Jonathan Buchanan

Oldtown Financial Services

Kilrea

County Londonderry

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