The change will come into effect from 2012 and will ‘remove commission bias’ from the sale of financial products such as investments, pensions, annuities and unit trusts. But the FSA have stopped short of applying the new rules to insurance products and in doing so have made no effort to cutail mis sold PPI and similar scandals. Now, instead of shifting policies and counting the profit, providers will now have to be upfront about how much they charge while being clear about the cost of their advice.

Part of the problem with banks is they’re greedy, this results in screwing every penny from a good customer and doing anything to get another sale on the board. A recent article in the Daily Mail discusses just how bad pressure selling has got in our high street bank branches…

A court found that the ‘secret’ commission paid to the credit card company by the PPI provider made the credit contract term unfair. As a result, the credit card agreement breached the Consumer Credit Act 1974 and all of the debt was wiped out, the woman won’t have to pay a penny back. Fancy making a claim now?