31st March 2010
The Consumer Panel welcomed today’s action by Consumer Focus, to stand up for consumers in one of the many areas where it seems consumers are not getting a fair deal from their bank. Adam Phillips, Chairman of the Financial Services Consumer Panel said:
"Here is yet another example of banks being more interested in making money than in their customers getting a fair deal. We have seen it with sales of PPI, with unauthorised overdraft charges, and now with cash ISAs. We fully support the action of Consumer Focus issuing a super-complaint to the OFT on the basis that the market is not working for consumers.
At the same time we will press the FSA to take action. It cannot be a fair outcome for consumers – or what the Government wanted to achieve in providing this tax incentive – that people end up with little more interest from their tax free account than they would get from an ordinary account.”
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The FSA established the independent Financial Services Consumer Panel in December 1998 to advise its Board on the interests and concerns of consumers and to report on the FSA’s performance in meeting its objectives. The Consumer Panel has statutory status.
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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. What we're doing for consumers[1] explains more about the work the Panel is doing.
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The Consumer Panel brings together a wide range of relevant experience. This includes financial services regulation, working with vulnerable consumers, consumer protection, consumer education, front-line money advice, legal expertise, competition policy, public policy analysis, market research and media.
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There are currently thirteen members of the Panel as listed below (for further information on individual members, see Who is on the panel)[2]