Consumer Panel response to Competition Commission on PPI

5 June

In response to today’s report from the Competition Commission on PPI (Payment Protection Insurance) the new Chairman of the Financial Services Consumer Panel, David Lipsey, a crossbench peer, said:

“PPI, both products and sales, has been a source of inexcusable scandals for too long. The FSA has been tackling the regulated aspects of PPI, and now we see a clearer exposition of the competition issues in today’s report. The Consumer Panel greatly welcomes the attention which the Competition Commission has given to this issue.”

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. More information about the Panel's work is available on our website – www.fs-cp.org.uk.

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 – www.fs-cp.org.uk)

   Lord Lipsey (Chairman)
   Adam Phillips (Vice Chairman)
   Kay Blair
   Michael Chapman
   Stephen Crampton
   Caroline Gardner

   Jenny Hamilton
   Tony Hetherington
   Nick Lord
   David Metz
   Lindsey Rogerson
   Carol Stewart