NAO issues warning on FCA's value for money over mis-selling
National Audit Office says the FCA cannot be confident that its actions are reducing the overall level of mis-selling.
The Financial Conduct Authority (FCA) cannot know whether its actions are reducing financial mis-selling to consumers, according to a report by the National Audit Office (NAO).
The NAO said increased fines and redress payments appear to have substantially reduced financial incentives for firms to mis-sell products and that the FCA has made interventions to affect firm behaviour.
However, it stated in the report that the FCA does not have good evidence that its activities are reducing the overall
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