Consumer watchdog Which? has called on the financial regulator to take action on "risky" financial products.
It said some financial products, such as extended warranties for electronics, ID fraud protection, credit card protection and structured deposit schemes - are sometimes actively mis-sold.
Other products were simply poor buys, such as charity credit cards, whose customers would need to spend £129,600 every year in order to match the average donor's contribution of £27 per month.
– Which? Executive director Richard Lloyd
There are still far too many financial products on the market that are risky or offer poor value for money and some that are being mis-sold to consumers.
We want the financial regulator to take tough action and crack down where it finds evidence of poor practice.
Charity credit cards are among the worst money-wasters on the market, consumer group Which? has said.
The watchdog has released a list of 10 financial products that offer "poor value for money, cost more than they save, or turn out to be useless when you come to claim."
Extended warranties, fraud protection plans and over-50s insurance plans also featured in the 'money-wasters' list.