What we are doing

Our role is to represent the interests of consumers in the development of policy for the regulation of financial services.  Here we set out some of the current issues that the Panel is pursuing and what we’re doing about them.

 

Our key priorities for 2012/13 are:

• The shape of future financial services regulation;
• The future effectives of the FCA as a conduct regulator;
• Consumer Credit Regulation;
• Poor practices in general insurance;
• Decumulation; and
• Effective consumer representation at EU level.

Current issues

The future shape of financial regulation

We are looking to ensure that the needs of consumers remain at the heart of any changes that are made to the regulatory system.

More on the future shape of financial regulation

The effective regulation of business conduct

The Consumer Panel believes that effective regulation of business conduct will lead to better outcomes for consumers. With the substantial changes being made to both financial services regulation and to the way the FSA and its successor organisations will work, the Panel is keeping conduct regulation under close scrutiny.

More on the the effective regulation of business conduct

The future regulation of consumer credit

Providing a proportionate model of regulation is developed for the different segments of the market, the Panel supports the Government’s plan to transfer consumer credit regulation from the Office of Fair Trading (OFT) to the Financial Conduct Authority (FCA). However, it essential that the existing consumer protection mechanisms are not undermined.

More on the future regulation of consumer credit

General Insurance

Building on the Panel’s work on Payment Protection Insurance (PPI) the Panel has become increasingly concerned about poor practices in general insurance.  There is growing concern over the quality of products and access to suitable, affordable cover. 

More on general insurance

Securing income in retirement

The Panel is concerned about the implications for funding living costs in later life given the rapidly ageing profile of the UK population, coupled with the shrinking role of the state.. 

More on securing income in retirement

EU regulatory and legislative issues

In 2006 around seventy percent of changes to the FSA Handbook resulted from new EU requirements. The Consumer Panel's EU strategy aims to influence the development of EU financial services policymaking for the benefit of consumers.

More on European regulatory and legislative issues

The advice gap

For many years the Panel has been concerned that financial services providers are failing to meet consumer needs when it comes to advice on financial products.  In 2012 the Panel commissioned research into the so called ‘advice gap’ both to inform our thinking and also to refresh the long-running debate on defining and meeting the advice gap. 

More on the advice gap

Banking regulation

Banking continues to be at the zenith of public consciousness and consequently the Panel continues to be engaged in the regulatory and legislative activity in this area. 

More on banking regulation

Consumer Panel work on the Mortgage Market Review

The Panel would like to see a mortgage market where consumers can shop around for affordable mortgage products that meet their individual needs and has devoted considerable time to the MMR. 

More on the Mortgage Market Review

Consumer Panel work on the Retail Distribution Review

The FSA's Retail Distribution Review (RDR) came into force in 2013. The Consumer Panel was involved in the development of the RDR from the outset and we believe it is one of the most significant developments in financial services regulation since the FSA's inception.

More on the Retail Distribution Review