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Bank charges: FSA criticises wealth management

The Financial Services Authority (FSA) has criticised the wealth management of banks.

It says that banks have been failing to show how their more risky investments are suitable for their customers.

The FSA has reviewed the wealth management of six major banks, uncovering the practices behind the sales of products. It found that it could not demonstrate how suitable the products being sold to customers are in many cases.

Managing director for the FSA, Martin Wheatley, described these results as ‘worrying’.

The report also found that compliance departments within these banks were even less able to demonstrate the suitability of products for the banks’ customers.

He plans to step up regulations on wealth management within banks by setting up a division on this area when the Financial Conduct Authority (FCA) comes into effect.

Mr Wheatley will be in charge of the FCA when it takes over from the FSA as regulator on April 1st.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801555564-ADNFCR

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