Consumers who have been forced to file a payment protection insurance (PPI) claim in the past should have been safeguarded far better by financial regulatory organisations, according to the Treasury Select Committee. In its new report into the Financial Conduct Authority, the body suggested that a fresh approach to legislation is required in the UK. Chairman Andrew Tyrie believes that the Financial Services Authority (FSA) has become too expensive to run and has been ineffective in preventing banks from issuing unfair charges to customers. "The plain fact is that the FSA did not succeed in protecting consumers from spectacular regulatory failures. The mis-selling of PPI and endowment mortgages are just two examples," he remarked. Bosses at Consumer Focus have also welcomed the committee's report, with the group's director of financial services Sarah Brooks agreeing that stronger provisions are needed to safeguard Britons from excessive bank charges. She believes that confidence is currently low among consumers because of the sheer number of PPI claim cases that have arisen recently. Charles BakerCharles is a reputed financial analyst with decades of experience under his belt.
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