FSA Board needs greater consumer representation

12 February 2009

In the light of Sir James Crosby’s resignation from the FSA Board yesterday, Consumer Panel Acting Chairman Adam Phillips has called for an improved voice on the Board for the ordinary consumer.

Mr Phillips said:

“I made the point in my evidence to the Treasury Committee in December that the level of understanding of consumers and the consumer interest on the FSA Board needed to be improved. The resignation of Sir James Crosby provides the ideal opportunity for the Treasury to appoint someone to the Board who can do just that.  The FSA Board needs people who understand the industry, but also those who identify with the consumers that regulation is there to protect.”

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. What we're doing for consumers explains more about the work the Panel is doing.

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 Who is on the Panel

   Adam Phillips (Acting Chairman)
   Kay Blair
   Michael Chapman
   Stephen Crampton
   Caroline Gardner
   Jenny Hamilton
   

   Tony Hetherington
   Nick Lord
   David Metz
   Lindsey Rogerson
   Carol Stewart