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MP calls for FSA investment probe

John Mcfall
John McFall is asking the FSA to investigate the selling of 'safe' investments.

MP John McFall is asking the Financial Services Authority (FSA) to look into claims by Working Lunch viewers that they were missold 'secure' investments.

Mr McFall, Chairman of the House of Commons Treasury Committee, told Working Lunch on Wednesday that he will write to the FSA about a Working Lunch investigation into the selling of 'protected' investments.

Some of these schemes turned out to be backed by collapsed US bank Lehman Brothers but were sold as '100% secure'. Viewers have lost hundreds of thousands of pounds as a result.

The selling of these investments by banks and financial advisers was branded 'scandalous' by Mr McFall.

'What I'll do today as a result of this is write to the FSA and bring this to their attention,' he told the programme, adding: 'I think people have been misled and I would like the FSA to look into it urgently.'

Working Lunch's investigation:




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