David Prosser: The FSA's low opinion of those it regulates
The product chosen by the Financial Services Authority for its first attempt to offer providers guidance on design could not be more fitting. If only the regulator had been able to intervene in the market this way before payment protection insurance turned into a billion-pound mis-selling scandal.
Still, the sort of features the regulator said yesterday it would henceforth look for from PPI makes one wonder what it thinks about the financial services industry's ability to learn from its mistakes. The FSA is concerned about firms failing to identify the right type of customers for such insurance, that policies might not offer what customers need and that products can be so confusing, comparisons are impossible.
All sensible stuff, of course, but have financial services companies really sunk so low that they need to be specifically told to design their products with such basic issues in mind?
Notes from a small island: Is Sealand an independent 'micronation' or an illegal fortress?
World news in pictures
You thought Ryanair's attendants had it bad? Wait 'til you hear about their pilots
David Cameron goes to war with press over 'swivel-eyed loons' slur
Revealed: Eerie new images show forgotten French apartment that was abandoned at the outbreak of World War II and left untouched for 70 years
- 1 Heading for America? Prepare for the longest US immigration queues ever
- 2 Boxing: Carl Froch slams fellow Brits for sparring with Mikkel Kessler
- 3 You thought Ryanair's attendants had it bad? Wait 'til you hear about their pilots
- 4 David Cameron goes to war with press over 'swivel-eyed loons' slur
- 5 It’s official: thanks to Stephen Hawking's Israel boycott, anti-Semitism is no more
BMF is the UK’s biggest and best loved outdoor fitness classes
Find out what The Independent's resident travel expert has to say about one of the most beautiful small cities in the world
Win anything from gadgets to five-star holidays on our competitions and offers page.
iJobs Money & Business
£550 - £600 per day: Orgtel: Fidessa Analyst / PM - Banking - London - Up to £...
£450 - £500 per day: Orgtel: Sourcing Manager - Banking - London - Up to £500p...
To be discussed at interview.: Queen Elizabeth's School: An experienced and ef...
£294.05 - £330.92 per day + 150 per day travel and accommodation: Orgtel: A le...