Turner Review must not unbalance FSA

18 March 2009

In response to today’s publication of the Turner Review by the FSA, Adam Phillips, the FSCP's  Acting Chairman said:

"Adair Turner should be congratulated for his candid assessment of what went wrong leading up to the current financial crisis.  However, we are concerned that the Turner Review, for all its revealing content and excellent analysis, has not commented on the appalling way which banks have treated their customers both before and during the banking crisis.  The review suggests that the FSA has been biased towards conduct of business rather than prudential regulation of banks.  However recent history in terms of bank charges, the selling of PPI and mortgages shows that the FSA cannot be allowed to think it has the regulation of the consumer facing side of financial services under control.

We look forward to engaging in the debate on the Turner Review.  We will be looking closely at how the proposals impact on consumers and deliver demonstrably better outcomes for them."   

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