Bank customer advice needs to be backed with greater scrutiny

The Financial Services Consumer Panel has welcomed the FSA’s publication of advice for bank customers but is calling for further action and research on bank conduct to make sure consumers are getting a fair deal.

Adam Phillips Consumer Panel Chair commented:

“We welcome the FSA’s action in helping the public understand the information they need to make informed choices about financial services.

The task is now to make sure that customers really are getting a fair deal. The FSA needs to undertake more research such as mystery shopping to check up on bank conduct and apply greater supervisory scrutiny of bank dealings with consumers.“

1. The Consumer Panel is a statutory body under the Financial Services and Markets Act 2000 and was initially established by the Financial Services Authority in December 1998. The Panel advises the FSA Board on the interests and concerns of consumers and reports on the FSA’s performance in meeting its objectives.

2. The emphasis of the Panel’s work is on activities that are regulated by the FSA, although it may also look at the impact on consumers of activities outside but related to the FSA’s remit.

3. There are currently eleven members of the Panel as listed below. (For further information on individual members, see Who is on the panel)[1]