Higher Fines Urged
Which?, the consumer group, is urging the Financial Services Authority (FSA) to significantly increase the fines it imposes on companies found guilty of mis-selling; in an attempt to crack down on the financial services industry.
Which? says that it wants the Financial Services Authority to levy penalties that are big enough to alarm institutional investors that own shares in the companies facing fines.
Which? believes large penalties would persuade investors to put pressure on financial services companies to prevent mis-selling.
Not a moment too soon in my view.