CPMA head heralds fresh start for consumer protection

The Financial Services Consumer Panel has welcomed the announcement of Martin Wheatley as the Chief Executive Designate of the Consumer Protection and Markets Authority (CPMA).

The Consumer Panel has heralded the appointment as a fresh start for consumer protection. The Panel will be making the case for more robust regulation to protect consumers, greater transparency in the dealings of the financial services industry and for greater pressure to provide safer, simpler products which are good value and which consumers can easily understand and compare.

Adam Phillips, Chair of the Financial Services Consumer Panel said:

"We welcome the appointment of Martin Wheatley as the Chief Executive designate of the new Consumer Protection and Markets Authority."

"This marks a significant opportunity to get change for consumers. A strong CPMA will be a vital part of the process of restoring consumer trust and building a new era of consumer focused financial services."

1. The Consumer Panel submission to the HM Treasury Consultation[1] on Future Regulation is available.

2. 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.

3. 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.

4. There are currently fourteen members of the Panel as listed below. Panel members are appointed for a three year term which can be renewed once (For further information on individual members, see Who is on the panel)[2]