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."

– ends –

MEDIA ENQUIRIES

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. More information about the Panel's work is available on our website – www.fs-cp.org.uk.



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 twelve members of the Panel as listed below (for further information on individual members, see the Panel's website – www.fs-cp.org.uk)

Lord Lipsey (Chairman)
Adam Phillips (Vice Chairman)
Kay Blair
Michael Chapman
Stephen Crampton
Caroline Gardner
Jenny Hamilton
Tony Hetherington
Nick Lord
David Metz
Lindsey Rogerson
Carol Stewart