15 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.”
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