Staveley Head

Staveley Head

June 26, 2009 11:50 ET

Staveley Head: Financial Services Authority Failing the Public Says Consumer Panel

FLINT, UNITED KINGDOM--(Marketwire - June 26, 2009) - The Financial Services Consumer Panel (FSCP) has this week severely criticised the Financial Services Authority (FSA) for failing to adequately protect the consumer. The FSA is the governing body which regulates all businesses involved in the financial services sectors.

The Consumer Panel maintained that the FSA should become a more transparent regulator, and take more aggressive enforcement action against miscreant firms in order to obtain compensation for those who have suffered loss after being given questionable advice.

The majority of the criticism is levelled at banks and similar institutions involved in investments, mortgage lending and related endowment policies, and questions the training and product knowledge of those employees giving advice to their clients.

But perhaps the FSA isn't failing in all fields. A spokesman for Staveley Head, one of the UK's leading motor trade insurance providers, said "The FSA is responsible for regulating just about everything and everyone involved in any aspect of financial services, including banks, building societies, mortgage lenders and brokers, life insurance and pensions advisors and general insurance companies and brokers. Each sector is regulated and policed by what is effectively separate departments at the FSA. The General Insurance sector, which includes Staveley Head, is rigorously regulated and we all make a very substantial investment every year to ensure that we are compliant with the FSA requirements and to support the cost of maintaining the FSA and its satellite bodies."

The Staveley head spokesman went on to say "We are required, at six monthly intervals, to submit exhaustive reports to the FSA which, among other matters, includes the current training level and competence of every employee, complaints procedures, our solvency levels, a balance sheet and a profit and loss account. Anyone suffering loss as a consequence of ill-founded or negligent advice can make a claim for compensation to the Financial Services Compensation Board and anyone who feels the service he has received is below standard can make representation to the Financial Ombudsman who will thoroughly investigate their complaint free of charge."

If you want further information about this subject, or want to compare motor trade insurance or simply want a quote, Staveley Head will be pleased to assist.

Staveley Head is one of the country's leading motor trade insurance brokers and will give you all the advice and assistance you need, including a cheap motor trade insurance quote, if you log onto their website at www.staveleyhead.co.uk

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