DTI Consumer Voice consultation

25 January

In response to today's publication of DTI consultation*, Chairman of the Consumer Panel, John Howard , said:

"This consultation sets out a range of options for coordinating consumer representation in the UK . The priority should be that any change must benefit consumers.

"The Financial Services Consumer Panel was not created to provide advice to consumers or handle their complaints. It was established to advise the Financial Services Authority (FSA) on the regulation of financial services from the point of view of consumers.

"Financial services can be a minefield for consumers, and with a powerful industry lobby, we believe that a strong and focused Consumer Panel is an essential element in balancing the input of advice to the regulator.

"The Financial Services Consumer Panel is able to influence the FSA at the highest level and at low cost. The model is now being adopted in other countries and is being discussed as an appropriate model in Europe .

"We will be considering the consultation document in more detail and will respond fully to it in due course."

* "Strengthen and streamline consumer advocacy" Consultation on consumer representation and redress. Department of Trade and Industry, January 2006.

 

Notes to editors

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.
   
   
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 eleven members of the Panel as listed below (for further information on individual members, see the Panel's website) .

   John Howard (Chairman)
   Adam Phillips (Vice Chairman)
   Caroline Gardner
   Harriet Hall
   Tony Hetherington
   Stephen Locke
   

   Nick Lord
   David Metz
   Paul Salvidge
   Robert Skinner
   Carol Stewart