Watchdog to crack down on rip-off cash advisers

A NEW State watchdog is to crack down on banks and insurance firms who rip off their customers by selling them the wrong financial products.

The move follows allegations that customers are being misled into investing in high-risk products, such as insurance and endowment policies, by agents who are paid high commission rates.

The Financial Services Regulatory Authority will have the power to impose heavy sanctions and even shut down companies who flout the law.