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About the Panel  /  Terms of Reference
1.

The Financial Services Consumer Panel ('the Panel') is established by the Financial Services Authority (FSA) under the Financial Services and Markets Act to represent the interests of consumers. The Panel is independent of the FSA and can speak out publicly on issues where it considers this appropriate.
2.

Panel members are appointed by the FSA, in accordance with Nolan principles in order to represent consumers, with HM Treasury's approval in the case of the Chairman. The FSA Board approves the Panel's annual budget and provides a dedicated secretariat to support the Panel.
3.

The main purpose of the Panel is to provide advice to the FSA. As such it does not carry out responsibilities on behalf of the FSA. For example, the Panel does not undertake consumer education, nor does the Panel take up individual consumer complaints.
4.

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.
5.

The Panel will have regard to the interests of all groups of consumers including those who are particularly disadvantaged in the context of financial services, including consumers who have little or no access to financial services.
6.

The Panel will:
a. represent the interests of consumers by advising, commenting and making recommendations on existing and developing FSA policy and practices as appropriate;
b. speak on behalf of consumers by reviewing, monitoring and reporting to the FSA on the effectiveness of FSA's policies and practices in pursuing its duties;
c. keep under review and influence actual and potential developments in financial services to enable it to fulfil (a) and (b)effectively.
7.

In addition, it can advise the Government on the scope of financial services regulation.
8.

The Panel can consider other matters that assist it in carrying out its primary functions.
9.

The Panel shall publish an Annual Report on its work and expenditure.
10.

The Panel can speak out publicly when it wishes to draw attention to matters in the public interest and when it disagrees with the FSA.