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Bank Loan: UK consumers 'increasingly aware' of being mis-sold financial products

UK consumers are increasingly aware of being mis-sold financial products, according to an expert.

Last week, the chief executive of the Financial Services Authority Hector Sants claimed that around £250 million of unsuitable policies and investments, such as payment protection insurance, are sold each year.

Furthermore, Mr Sants added that the actual cost to the consumer is around £500 million overall after fees and commission is taken into consideration.

However, Jason Butler, partner at Bloomsbury Financial Planning, expressed his belief that Britons are not paying enough attention to their finances but felt that consumers were becoming more aware of the dangers of some investments.

He said: "At the end of the day though I think we are moving in the right direction. We have to hope that awareness is being raised in the low to middle income group which is where a lot of the problems are."

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt ADNFCR-2776-ID-800261033-ADNFCR

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