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| Date | Title |
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| 10 Jul 02 | No voice for consumers in European securities regulation |
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The Financial Services Consumer Panel has expressed concern that today's announcement of a new European advisory panel to represent the interests of "market participants" has no real consumer representation on it. The Committee of European Securities Regulators (CESR) has today announced the setting up of its CESR Market Participant Consultative Panel to advise on the preparation of EU directives for the harmonisation of regulation in the Single Market for Financial Services. Its membership of 11 people is drawn mainly from the securities industry. Two people from shareholder bodies have been included, but there will be no representation for ordinary consumers with savings in packaged investment products. The UK's Consumer Panel is pressing CESR to establish a separate European committee to represent consumers' interests in securities regulation at European level. This would then mirror the current structure in UK financial services regulation, where the FSA has to take note of the views of both its independent advisory panels, the Consumer Panel and the Practitioner Panel. Colin Brown, Chairman of the Financial Services Consumer Panel said: "European regulation of financial services must incorporate the needs of all consumers, as well as the industry. This was a great opportunity to do something more for consumers, and it has been missed. European directives will have an increasing impact on UK regulation, and it is vital that consumers are represented. We have written to CESR and to the FSA as the UK's representative to express our concern, and will continue to lobby on this issue."
Notes to editors 1. The Committee of European Securities (CESR) is an independent committee of European Securities regulators, with one member on the Committee from each member state. Its role is to improve coordination amongst securities regulators, act as an advisory group to the EU Commission, and to ensure more consistent and timely day to day implementation of community legislation in the member states. 2. CESR has today announced the members of its market participants Consultative Panel. For further information, the website is at www.europefesco.org 3. The Financial Services Authority (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. Following the commencement (on 18 June 2001) of certain sections of the Financial Services and Markets Act 2000, the Consumer Panel now has statutory status. The FSA must consider its representations and, if it disagrees with a view expressed or proposal made in the representation, it must give the Panel a statement in writing of its reasons for disagreeing. 4. The Financial Services Consumer Panel also has a responsibility to keep under review developments in financial services generally, insofar as they impact on consumers. 5. 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. 6. There are currently thirteen members of the Panel as listed below (for further information on individual members, see the Panel's Web site at www.fs-cp.org.uk):- Enquiries |
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