Sants tells MPs: Industry thinks its responsibility ends at sale

Sants told MPs at a Treasury Select Committee (TSC) evidence session on the new Financial Conduct Authority (FCA), that ensuring a fair split of responsibility between consumers and financial service providers will be “problematic” for the FSA's successor. But the industry's current belief it that its responsibilities end with providing product information at the product sale, he said, which he branded "flawed". All of the FSA's research suggested providing lots of information does not improve consumers' decisions, he said. He told MPs many consumers lack the mathematical skill to ...