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BBA: More consumer advice needed in financial sector
Posted by Helen Jones
Consumers would have to be provided with a route to sufficient professional advice under the terms of any reforms to the UK's financial services sector, the British Bankers' Association (BBA) has stated.
According to the organisation today (February 8th 2011), the Financial Services Authority (FSA) must take this factor into account when implementing alterations to the monetary system in the country.
This comes after the publication of the FSA's Retail Distribution Review, which is intended to hand more choice and flexibility to consumers through addressing certain issues currently in place.
However, Angela Knight, chief executive of the BBA, has written to her counterpart at the FSA Hector Sants to express her concern about whether this will happen.
"We feel that simplified advice will provide the safeguards that consumers need, while delivering effective advice at a reasonable cost," she commented.
Meanwhile, the Confederation of British Industry recently stated that banking reforms must include provisions to ensure that lenders can help the private sector's recovery.
08/02/2011 15:00
News category: Consumer