The Financial Services Consumer Panel supports key aspects of the FSA Plan and Budget for 2003/4, published today. In the introduction to the Plan and Budget, Howard Davies talks of a number of areas where the FSA believes more, or refocused, effort is justified. These include some of the key issues where the Consumer Panel has called for further action: more effective enforcement, particularly among firms that take advantage of lighter supervision under the new 'risk-based' regime; more resources for retail market monitoring, including pro-active policing of financial promotions and advertising; and a "step change" in consumer education.

Colin Brown, Chairman of the Panel said:
"In a time of difficult markets, it is important for the FSA to be focused on its objectives of maintaining confidence in the financial system, protecting consumers and promoting public understanding.

We welcome the FSA's renewed attention to raising consumer awareness, more pro-active monitoring of what is happening so that the FSA is able to warn consumers more quickly and effectively about problem areas, and robust enforcement action against firms which break the rules.

This plan gives a welcome message that the FSA plans to devote more resources to protecting consumers."

Notes to editors

1. 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. The Consumer Panel 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.

2. 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.

3. 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):-
Colin Brown (Chairman)
Ann Foster (Vice Chairman)
Vinod Kumar
Nick Pearson
Jean Gaffin
Paul Salvidge
Yvonne Gallacher
Richard Smethurst
Harriet Hall
Jane Vass
Dianne Hayter
Dave Watts
John Howard

Enquiries
Media: 020 7066 0902
Publications: 020 7066 3298