Britain's financial watchdog reviews scandal-hit consumer investment market

LONDON, Sept 15 (Reuters) - There have been too many scams
and scandals in Britain's financial services market and a
fundamental review is needed, the Financial Conduct Authority
said on Tuesday.

Consumers have suffered from a string of financial scandals
going back decades, from endowment mortgages to pensions and the
sale of payment protection insurance, costing banks billions of
pounds in compensation and raising questions about the
competence of regulators.

The FCA has issued a "call for input to help it decide how
existing rules can address such "harms" and identify where other
authorities could help, or if the government should consider
extra powers for the watchdog.

"The consumer investment market is not working as well as it
should," said Christopher Woolard, the FCA's interim chief
executive.

"There have been too many scams and scandals and too often
consumers are offered unsuitable products or advice. As a
result, many consumers lack confidence in the investment
market."

Feedback will be used to shape the FCA's work over the next
three years.

(Reporting by Huw Jones, editing by Sinead Cruise)