Savers 'need one regulator portal'
UK savers should be given more access to financial organisations to make complaints or find information, helping them find a way through an "alphabet soup" of regulators in the industry.
That is the opinion of Mark Neale, who runs the independent Financial Services Compensation Scheme, a type of savings guarantor set up in 2001 for people who would otherwise lose their money whenever a bank or building society went bust.
He said people should have a single portal through which they can find the service they need, like the "financial equivalent of DirectGov", because consumers find it difficult "to distinguish between the alphabet soup of bodies active in the regulatory field".
Mr Neale added that many people are also unaware of the "different compensation limits applying to different products".
One statistic from a recent survey highlights the extent of the lack of information and knowledge the typical consumer has about the financial services industry: just one in five people knew that the compensation limit for lost savings was increased to £85,000 about a year ago.
Copyright Press Association 2012