The Financial Services Consumer Panel has today published its annual report covering its views on the key FSA policy developments for consumers from April 2007 to March 2008.

Adam Phillips, who has been the Panel’s Vice Chairman for the past two and half years said:

“The FSA has a crucial role in protecting consumers and we are pleased with its ongoing willingness to engage in debate and review areas where we have felt it is not performing particularly effectively.   The FSA has been at the forefront of some major developments for consumers of financial services over the past year – particularly taking up the challenge of developing a Money Guidance service for consumers; reviewing the way that financial advice is given and products are sold through the Retail Distribution Review; and of course handling the regulatory impact of the failure of Northern Rock.  We support the FSA in pursuing its move towards more principles based regulation.  The challenge will be for the FSA and firms to ensure that application of the “Treating Customers Fairly” principle really does deliver positive outcomes for consumers.”

David Lipsey, who took over as Chairman of the Consumer Panel in June 2008, said:

"The Annual Report shows just how hard the panel has worked over the last year, and how willing it has been to criticise the FSA when it feels criticism is due. I congratulate the then chairman, John Howard, his deputy, Adam Phillips, the panel and the staff on it. As its new chairman, I plan to build on this record of achievement in the years ahead."

MEDIA ENQUIRIES

Notes to editors