Lobbying body the Financial Services Consumer Panel has hit out at the Financial Services Authority over an “attack” of consumer rights. The FSCP accuses the FSA of buckling under pressure from the finance industry to attack consumer rights.
It follows the publication today (December 19) of an FSA discussion paper. In a strongly worded statement Adam Phillips, acting chairman of the independent consumer panel, accuses the FSA of failing consumers when it should be “getting its own house in order”.
The FSA says its paper, launched this morning, is designed to help explore how it can help consumers to know their rights and says claims it is “insulting consumers” are “nonsense”.
“We acknowledge this debate elicits strong feelings on both sides and we are keen to try to find common ground to contribute to better understanding and better outcomes for consumers in financial services markets,” says Dan Waters, FSA director of retail policy and conduct risk.
However, the FSCP, which was set up by the FSA, says this is “not the time to be debating responsibilities for consumers when they have little confidence in the financial services market and even less enthusiasm to engage with it”.