European developments

Much of the framework of how the FSA regulates is now initiated in Europe.  So the Panel also engages in dialogue with the EU institutions on key issues for the future.

The Consumer Panel’s EU strategy aims to influence the development of EU financial services policy-making.  We want policy to reflect the interests of UK consumers.  People should be able to buy financial services with full confidence about market supervision, enforcement, transparency, competition and redress.  This should include buying financial services cross-border if they choose to do so.

Our current key issues are as follows:

1. Alternative Dispute Resolution (ADR)
   We are concerned that the single market has moved ahead of the systems for consumer protection and dispute resolution.  Although FIN-NET provides an EU-wide network of financial ombudsmen and consumer complaints organisations, it does not provide complete coverage.  This could lead to consumer confusion and wide scale detriment in this area.
   
   

2.  Passporting
   We have been raising concerns that UK consumers will not appreciate the variations in availability and standards of compensation for passported firms.  The level of consumer protection provided by different regulatory regimes is inconsistent.
   
   

3. Increasing consumer representation in the EU
   We are working to help increase the standard of financial services expertise at national level so consumer views can be fed in from across the EU.

 

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