FSA clamps down harder on misselling

Tim Wallace
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FINANCE firms must change their sales practices immediately to make sure they no longer incentivise staff to mis-sell retail products, the Financial Services Authority (FSA) said yesterday.

Any who have not already must undertake an extensive review of incentive schemes, review their controls and change bad practices.

If they discover more consumers who have been missold products, they must be compensated.

An FSA report in September 2011 found most incentive schemes were likely to drive people to missell.