The Financial Services and Markets Act 2000, which gave the main powers to the Financial Services Authority, also gave the responsibility to the FSA to set up a Consumer Panel.

Section 10 of the Act says that the FSA's arrangements for consulting consumers must include the establishment and maintenance of a panel of persons to represent the interests of consumers - to be known as the Consumer Panel. It also states that the FSA must have regard to the representations of the Consumer Panel. It must appoint to the Consumer Panel, such consumers, or persons representing consumers, as it considers appropriate within certain guidelines of being consumers of regulated financial services, which are not also connected to their business interests.

Section 11 of the Act says that the FSA must consider any representation by the Consumer Panel. It also states that if the FSA disagrees with a view expressed or proposal made in the representation, it must give the Panel a statement in writing of its reasons for disagreeing.

The Financial Services and Markets Act also gave the FSA the responsibility to set up a parallel Practitioner Panel, to represent the views of the industry. Further information on the Practitioner Panel can be found on their website.

For more details about the powers and responsibilities of the FSA, please go to their website - www.fsa.gov.uk