FSA listens to reason on consumer responsibility

23 September 2009

The FSA’s Feedback Statement published today shows that the FSA has listened to reason in dropping its push to incorporate additional consumer responsibilities into regulation.

Adam Phillips Chairman of the Financial Services Consumer Panel said:

“The FSA’s original idea that consumers should have regulatory responsibilities was at best naïve, and at worst irresponsible.  The Panel has always argued that the concept of ‘consumer responsibility’ is flawed.  We are pleased that the FSA has listened to our advice:  the decision announced today that the FSA will promote sensible actions for consumers as part of its consumer capability work is much more realistic.”

 

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 ten members of the Panel as listed below (for further information on individual members, see Who is on the Panel)
   

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

   Tony Hetherington
   Nick Lord
   David Metz
   Lindsey Rogerson
   Carol Stewart