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UK lawmakers square up to regulator over duty of care for banks

UK lawmakers square up to regulator over duty of care for banks

A legal duty for banks to act in the best interests of their customers may be needed, British lawmakers said on Monday, piling pressure on regulators to step up protection of consumers after a string of mis-selling scandals spanning decades.

  • Shared by Reuters
  • May 13, 2019
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British lenders have paid more than 30 billion pounds since 2007 in redress to customers missold endowment mortgages, pensions and payment protection insurance.

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