The plan highlights the ten priorities for the future of financial services. Six of the points are aimed at achieving outcomes for consumers from the industry, while the remaining four are targeted at regulators.
Adam Phillips, Consumer Panel Chair commented: "We welcome the Chancellor's wish to improve financial services. However, it is vital that the successes of the FSA are built upon and that we learn from its mistakes. The retail financial services industry is a vital service which all members of the public need to access. The challenge remains getting the industry to produce better outcomes. There needs to be a clear focus on the areas where more work must to be done.
“Whatever the future shape of financial services regulation, the Consumer Panel wants to see the industry and regulators working together to make financial services better. Industry must bring forward more straightforward products, treat customers fairly and give relevant and unbiased advice. Specifically, we want to see responsible lending in the mortgage market, better banking and dependable later life products. At a regulatory level we want to see intelligent regulation with poorly performing firms made to play by the rules, efficient redress for customers and timely and appropriate compensation.
“Our plan is not intended as a panacea, but as a series of practical steps which would significantly enhance the consumer experience of financial services in the UK. The Consumer Panel hopes that our ten points will be of assistance to industry, regulators and politicians in providing a fairer and more sustainable future for financial services."
