Consumer Panel calls for intelligent regulation

In his speech to the Annual Meeting of the FSA, Adam Phillips Consumer Panel Chair has called for intelligent regulation to be the hallmark of future financial services reform in the UK.

In welcoming the Chancellor’s Mansion House Speech the Consumer Panel launched its ten point plan. The Consumer Panel wants to ensure that the new system of regulation learns from the successes and failures of the FSA.

Adam Phillips, Consumer Panel Chair commented:

“In the last eighteen months there has been a step-change in the FSA’s approach to dealing with consumer protection. We have welcomed the new focus on outcomes for consumers in our annual report as a change for the better.

We hope that the decision to reform the regulatory structure will not lead to the deferment of changes which will bring significant benefits to consumers. The Retail Distribution Review and Mortgage Market Review need to be fully implemented and payment protection insurance mis-selling needs to be resolved.

Intelligent regulation means clear, joined-up and enforceable rules. Consumers need one-stop regulation from a proactive regulator so that poorly performing firms are made to play by the rules. Effective redress and timely and appropriate compensation are also vital if consumers are to have confidence in the system.”

Notes to editors

1. Ten point plan[1]

2. Adam Phillips, Consumer Panel Chair’s biography and photographs[2].

3. The Consumer Panel is a statutory body under the Financial Services and Markets Act 2000 and was initially established by the Financial Services Authority in December 1998. The Panel advises the FSA Board on the interests and concerns of consumers and reports on the FSA's performance in meeting its objectives.

The emphasis of the Panel’s work is on activities that are regulated by the FSA, although it may also look at the impact on consumers of activities outside but related to the FSA’s remit. What we're doing for consumers[3] explains more about the work the Panel is doing.

5. There are currently eleven members of the Panel as listed below (for further information on individual members, see Who is on the panel)[4]