NAO Report on Financial Mis-selling to be Published

12 Feb 2016

The National Audit Office (NAO) is soon set to publish a report in to the Financial Conduct Authority (FCA) and other bodies which deal with financial mis-selling claims. The FCA, the Financial Ombudsman Service (FOS) and the Financial Services Compensation Scheme (FSCS) will be under the spotlight in the report. The NAO are set to present their findings on how these bodies work together to secure fair redress for consumers.

The NAO has been meeting with the FCA as part of the review, a spokesperson for the NAO has said the report is due to be released by the end of February this year. If the results were to be less favourable for the FCA and the other bodies under scrutiny, there then could further enquiry from the government’s Public Accounts Committee (PAC).

The NAO noted that mis-selling has cost financial service firms £18 billion.

“[Mis-selling] occurred across many different product areas, including bank accounts, consumer loans and insurance, with financial services institutions having paid over £18 billion in compensation to purchasers of payment protection insurance following regulatory action alone.” it said.

“Former regulator the Financial Services Authority acknowledged that stronger action sooner could have limited the growth of the problem.”

The team here at Cooper Stern are experts in helping you seek the redress you deserve if you have been given poor investment advice by your Bank, Building Society or financial advisor. If an investment involves potential risk to your capital then you may be entitled to make a claim. We are able to offer advice on the mis-selling of a variety of investments.

We are uniquely placed to be able to offer a claims management solution to those who fear they may have been mis-sold a complex financial product. We are able to analyse their financial suitability, advise on the grounds for a claim and seek satisfactory redress if needed.

Find out more here.

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