Notes to editors

1. The Consumer Panel’s letters to the FSA and to the ABI on this subject are available from the Consumer Panel Secretariat – 020 7066 0902 – or from the Panel’s website at www.fs-cp.org.uk.

2. The FSCS (Financial Services Compensation Scheme) is a safety net for customers of financial services firms, which has been in operation since 1st December 2001. It pays compensation if an authorised firm is unable to pay claims against it, usually because it has gone out of business. The scheme is funded by the industry and covers deposits, insurance and investments. Their website is www.fscs.org.uk

3. The FSA’s Consultation Paper CP165, sets out the FSA’s proposals for changes to the rule in Chapter 5, Proposed Amendment 1 (paras 5.7 – 5.21)

4. 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.

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

Enquiries
Media: 020 7066 0902
Publications: 020 7066 3298

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