Consumer Panel welcomes a more assertive FSA

The Financial Services Consumer Panel has today welcomed the publication of the FSA’s Annual Report as a step forward for consumer protection. The Consumer Panel has been impressed by the FSA’s increased assertiveness and changing philosophy over the last year. The more active approach to enforcement, the increasing challenges to business models and the new approach to conduct risk have been particularly welcome. However, the Consumer Panel wants to see the FSA go further.

Kay Blair, Consumer Panel Vice Chair commented:

“During the last year the FSA has demonstrated the benefits for consumer protection from a more proactive approach. The more robust enforcement action and the increased transparency in publishing complaints data have been very welcome. However, we want to see the FSA go further and faster in delivering positive outcomes for consumers in the coming year.

We continue to support the FSA in the implementation of the reviews of retail distribution of investment products and the mortgage market.

The Consumer Panel remains unhappy, however, about the slow rate of progress towards resolving the mis-selling of payment protection insurance. We are also disappointed that measures to allow the further publication of consumer protection related information did not get into the new Financial Services Act.”

1. 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.

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. What we're doing for consumers[1] explains more about the work the Panel is doing.

3. 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.

4. There are currently thirteen members of the Panel as listed below (for further information on individual members, see Who is on the panel)[2]