‘Buyer beware’ no longer an excuse for banks, says FCA
Banks will no longer be able to use the "buyer beware" defence when selling complex financial products to consumers, said Financial Conduct Authority managing director Martin Wheatley on Wednesday, as he signalled a shift in UK regulation towards putting responsibility on sellers.
The FCA opened its doors on April 1, alongside the Prudential Regulation Authority. They have replaced the Financial Services Authority.
The new supervisory system is intended to make a break from an era of recurring mis-selling scandals, such as the payment protection insurance scandal that has cost UK banks
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