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As the internet grows, both in size and accessibility, the number of financial transactions being completed over the web is also increasing. UK consumers are increasingly trusting of websites to manage their financial affairs and many prefer to arrange car insurance, personal loans and mortgages using a website rather than meeting face to face with the providers of those products.
The stranglehold previously held by the big high street banks on the majority of financial transactions is slowly being released but with that comes a wider field of play to referee. That task falls on the shoulders of a number of bodies currently, including trade organisations such as FISA and the AFB and of course the main stream regulators such as the OFT, the FSA and the Advertising Standards Authority. Because there are different sets of regulations being applied by different bodies, there's no wonder some website operators get confused, but that doesn't excuse the fact that there are a number of providers out there who will deliberately push the boundaries of compliance and it is those companies the FSA wants to pull into line.
In this most recent review, the FSA reports an improving situation with many of the websites examined sticking to the rules required, but the confusion lies where rules were set before the advent of online channels. There's a case to be made for a re-write in some areas, but as long as companies are abiding by the principles of being fair, clear and not misleading the FSA should not have too many issues.
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