Protect the consumer!
Consumers deserve the best financial advice for their savings, borrowing and investments. Irresponsible banking practices have resulted in lost pensions income, home repossessions and other such tragedies for ordinary families. New consumer and investor protection rules must be put in place to stop this from ever happening again.
Financial institutions must promote responsible sales practices for financial products. Regulation must ensure that remuneration and incentive systems as well as operating practices put customers first – not profits and sales targets.
Extend supervision at all levels to include relevant business and work practices on sale.
Promote responsible sales of financial products for each financial institution with principles on the sale of products and services as well as a proper monitoring mechanism.