FSA: Economy pushing consumers into wrong products

The Financial Services Authority (FSA) has claimed one of the major risks to consumers over the next 18 months is that of being mis-sold unsuitable financial products.

In its latest Retail Conduct Risk Outlook, the FSA said consumers are struggling to cope with low interest rates and poor investment returns. As a result consumers are shopping around for products and so face the risk of "being sold unsuitable products; from products that are too risky for them to products they do not understand or that do not meet their individual circumstances", the FSA said. Martin Wheatley, FSA managing director, said: "Consumers rely on financial firms and their products to provide them with vital services; literally the means to run their lives. "They need to...