CONSUMERS of financial products are going to have to take on greater responsibilities for themselves in the future, according to the Financial Services Authority.
The Financial Risk Outlook 2004, published by the FSA, highlights a number of short and long-term concerns for financial firms and consumers associated with trends in the wider economic, business and social environment.
FSA chairman Callum McCarthy said: "Consumers will have to take on greater responsibilities and need to think about the risks involved.
"This means thinking hard about what levels of debt they can afford, against a background where most commentators expect interest rates to rise, and when continuing low levels of inflation mean that debts, once incurred will not be eroded by inflation."
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