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Financial buildings in the city

Financial services mis-selling: regulation and redress

The Financial Conduct Authority cannot know whether its activities are reducing the overall scale of financial services mis-selling to consumers. The most prominent example of mis-selling is Payment Protection Insurance (PPI). Between April 2011 and November 2015, firms paid out £22.2 billion in compensation to more than 12 million customers who had bought PPI.

24 Feb 2016
People looking at a market stall

Confirmed impacts: Using our expertise to help improve consumer protection across central and local government

This impacts case study shows how our work and identification of the cost of inadequate consumer protection was a catalyst for improvements to consumer law and delivery and accountability arrangements.

It is one example of financial or non-financial benefits realised in 2014 as a result of our involvement, all of which are set out in our interactive PDF.

14 Oct 2015
NAO logo

Financial services: regulation, redress and advice overview 2014

This guide is designed to provide a quick and accessible overview of the financial services regulation, redress and advice bodies, using our published work. It covers:
• The responsibilities 5 financial services regulation, redress and advice bodies and how they spend their money
• Interaction and cooperation between the 5 bodies
• Our recent findings and future challenges for the 5 bodies
• Case studies on the impact of payment protection insurance mis-selling on the Financial Ombudsman Service and the financial crisis on the Financial Services Compensation Scheme

27 Feb 2015
National Audit Office

Update on consumer protection landscape reforms

In June 2011, the National Audit Office reported on the system for enforcing consumer law and the Government subsequently made a series of reforms to the consumer landscape. This update report summarises recent changes and sets out the proposed benefits to consumers, businesses and taxpayers as well as the possible risks to be managed.

24 Apr 2014