Consumer Panel welcomes FCA plans for earlier information on firms behaving badly

15 October 2013

The Financial Services Consumer Panel has today welcomed the FCA’s new proposals for publishing information about warning notices. The Panel has called for greater transparency for some years as previously consumers were kept in the dark while firms were being investigated for misconduct.

Sue Lewis, Consumer Panel Chair commented:
“Today’s announcement is welcome. Consumers need to be given information at the earliest opportunity so they can make informed decisions about which firms to do business with. Knowing that a firm is being investigated for misconduct is an important part of this.

The position of financial services has been completely out of synch with public opinion. In the legal system alleged criminals are routinely named when charged with serious offences. Why should it be any different in the case of financial services?

The new financial services regulator is demonstrating that it is true to its word, and is not bowing to the demands of the industry to be treated more favourably than other industries. The cultural change of the new regulator is starting to manifest itself in stronger consumer protection, and we look forward to seeing the FCA using its powers."

Notes to editors

  1. The Consumer Panel’s response to the FCA consultation CP 13/8 on publishing information about enforcement warning notices is available here.
  2. Biographical details for Sue Lewis and photographs in a range of resolutions are available on our website: http://www.fs-cp.org.uk/about_us/sue_lewis.shtml
  3. The Consumer Panel is a statutory body under the Financial Services Act 2012. It was initially established by the Financial Services Authority in December 1998. The Panel advises the FCA on the interests and concerns of consumers and reports on the FCA's performance in meeting its objectives.
  4. The Panel’s membership is drawn from a broad range of backgrounds with expertise including market research, law, financial services industry, financial inclusion, European Regulation, financial regulation, consumer advice, campaigning, communications, compliance and later-life issues.
  5. The emphasis of the Panel's work is on activities that are regulated by the FCA, although it may also look at the impact on consumers of activities outside but related to the FCA's remit. More information about the Panel's work is available here
Tuesday, 15 October 2013