December 30, 2008

A CHESTER peer has been probing the small print of the banking and financial services industry.Labour peer Lord Harrison asked the government “what steps they will take regarding the comprehensibility of offerings made to the public” by financial bodies.

Labour's deputy chief whip Lord Davies of Oldham, who is also captain of the Yeoman of the Guard, told the House of Lords the Government had given powers to the Financial Services Authority (FSA) and the Office of Fair Trading “to ensure that financial services firms provide clear explanations of their products”.