Sants tells MPs that misselling costs the public £600m a year | News | Money Marketing
I doubt that anyone knows how much damage is caused by lousy advice, just before Xmas a widow came to me with a horrendous tale, in less than a year she had lost £380,000 from what was supposed to keep her and the children in the manner to which they had become accustomed until her GP husband passed away at a young age.
If the FSA had been on the ball this might not have happened and to make matters worse the firm is still being allowed to trade! The people running this firm are highly qualified crooks.
Most of what the FSA is using as evidence in support of the RDR might have been avoidable had the regulators been able to spot the 'trends' created by changes in legislation such as 'break free from those chains of your occupational pension scheme', this is where the supervision by the regulators has been absolutely abysmal, the damage caused to the UK is all down to a lack of vision and coordination. The rest is history but we are still paying for it and so will our children and their children.