30 April 2008
Bank customers may have to pay out more cash if plans by the Financial Services Authority (FSA) come into force, it has been claimed.
The British Bankers' Association (BBA) said that proposals that could limit advice channels for consumers might lower the options open to them and force them to choose other methods of assistance they have to pay for.
Chief Executive of the BBA Angela Knight argued that the changes could confuse matters for consumers if they are introduced, something that may interest those with personal loans.
"Many customers have a good idea of what they need and want to get advice and buy their financial products from a brand they know and trust. The FSA proposals could remove this option, leaving individuals with the choice of either more expensive options or buying without advice," she commented.
Tied advice may be negated under the terms of the plans, something that might increase the popularity of "non-advised" services, the BBA noted.
Only one tier of financial advice would be given to investors as part of the planned regulations.
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