FSA focus on outcomes is long overdue – Consumer Panel

12 March 2009

In response to FSA Chief Executive Hector Sants’ speech today to Reuters, Adam Phillips the Acting Chairman of the Financial Services Consumer Panel said:

“The FSA's new commitment to focus on outcomes is long overdue – we have argued for some time that the FSA’s supervisors need to see how things look from the point of view of the customers dealing with firms, rather than relying on what firms tell the regulator.  The FSA must follow this commitment up with the resources to do the job properly and evaluate the process appropriately. 

It is only in this way that those in the industry who fail to meet acceptable standards will become genuinely afraid of the FSA, as Hector Sants wants, and we fully support.”

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