Don&#39t regulate, educate

Seven out of 10 compliance officers in the financial services industry say mis-selling can best be avoided by improved consumer education rather than tighter regulation.

In a survey of 134 financial advisers dealing with mis-selling claims conducted by Huntswood Outsourcing Solutions, more than nine in 10 believe educating children in personal finance should be made compulsory in schools.

Seven in 10 say the government should take direct responsibility for financial education with Treasury-funded public education programmes.

Huntswood says reluctance among pupils is no barrier with more than one in four 15-19 year olds saying they want personal finance education.