Redress dropped from Financial Services Bill
The move follows Lord Myners giving notice that he will oppose Clause 18 – 25 of the Financial Service Bill standing part of the Bill. As a result, the measures will not become law.
As the Government withdraws the measures in the Financial Services Bill that would make it easier for consumers to seek collective redress against financial services firms, Which? chief executive Peter Vicary-Smith said: “Collective redress is a potentially powerful weapon for consumers against the systemic mis-selling of financial products and would prove a real deterrent for firms engaging in unscrupulous sales practices.
“By dropping these measures from the Financial Services Bill, a golden opportunity to empower consumers is being missed. We call on Parliament to reintroduce collective redress at the earliest opportunity.”