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More mis-sold deception

We've already commented at length on the mis-sold PPI policy disaster. Banks and building societies have seemingly found a new way to dupe their customers.

The Financial Conduct Authority (FCA) have severely criticised those peddling a number of dishonestly or confusingly sold products.

Many customers buying the products simply don’t understand what they’re signing up for. Pat Connolly, Financial Planner at Chase de Vere, had the following to say on the subject.

Too many structured products are complex, not transparent and have hidden charges so they are almost impossible for investors to understand. This has to change if they are to be considered as viable investments.

Once again, banks and building societies are aggressively pushing all kinds of investment products. These are often unsuitable, hard to understand, and may well contain benefits which are over-exaggerated.

For example, Yorkshire Building Society recently sold a product promising a 40% return. In reality, the chance of getting that return was almost non-existent. As the FCA’s Tracey McDermott says,

It is crucial that firms ensure the way they design and market these products is driven by the needs of consumers.
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