Which? slams “”inadequate”” FSA

In response to the FSA’s latest ‘Financial promotions mortgage and general insurance bulletin’, Laurence Baxter, principal policy adviser at Which?, says: “In relation to the selling of protection products, the FSA has uncovered a catalogue of mis-selling tactics including scaremongering and unsubstantiated claims. But the FSA’s response to tackling these problems is woefully inadequate. Instead of imposing the severest sanctions it is taking the almost conciliatory approach of writing to firms asking them to stop. It’s a bit like a policeman watching a bank robbery and telling the robbers afterwards that they shouldn’t have done it.”