'Serious risks' of more mis-selling in financial services market
There are "serious risks" of further mis-selling scandals erupting in the financial services industry and stronger action is needed to tackle problems with the culture of firms, MPs have warned.
The Public Accounts Committee (PAC) also said it is a "failure of the system of regulation and redress" that claims management firms have made up to £5 billion from PPI (payment protection insurance) payouts. This is compensation that could - and should - have been paid to the victims of mis-selling, the report said.
It warned that the pension freedoms introduced last year which... read more
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