FSA to introduce new rules to stop Banks mis-selling to Elderly
28 July 2012
At last the FSA 'seem' to be doing something to stop the banks and other financial institutions mis-selling financial products. This is long overdue and I cannot understand why it has taken so long.
Dependant upon how effective these new rules are, this is good news especially for vulnerable people, such as the elderly. In this respect I agree with the comments of Paul Green, director of communications for Saga who said:
"This is an extremely positive step to help consumers, particularly older travellers who often believe they are covered by travel insurance in their packaged bank accounts, only to find themselves stranded when they try to make a claim.
At youandyourrights.co.uk we have received lots of complaints about mis-selling and from these complaints it is clear that many people simply do not fully understand what these policies do and do not cover and as a result the cover is often inappropriate for their needs.
At youandyourrights.co.uk we keep on calling for tighter regulation of the banks. Lets hope that this is the start of what is needed.