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Commenting on the Government's white paper to re-design the regulation financial services in the UK, Ian Williams, spokesperson for moneysupermarket.com, said:
"In the past the Government and Regulators have got involved with product design via CAT standards and Stakeholder Products, neither of which added much value for consumers. Clearly we'll have to wait and see what the new proposals are for product design and labeling, but they will need to deliver real consumer benefits to be worthwhile.
"Whilst we welcome improvements to the FSCS and pre-funding of depositor protection, here again we must acknowledge that this will feed through into higher priced products. We also welcome the proposed move to pay compensation gross rather than netting off savings and borrowings from a single provider. We would like to see further progress on getting quicker payouts from the FSCS."
-ENDS-
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Emma Morris - PR Manager (Travel & Shopping)Travelsupermarket.comMoneysupermarket Shopping07775 94168901244 220671emma.morris@moneysupermarket.com
Ian WilliamsDirector of Communications07515 32967101244 665793ian.williams@moneysupermarket.com
Clare FrancisSite Editor07595 06781801244 220650clare.francis@moneysupermarket.com
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