Watchdog gets into its stride as consumers’ champion

Amanda Jarvis

November 30, 2001

The FSA takes on its full powers as the single regulator of financial services in the UK from midnight on 30th November.

Welcoming an open letter from the Consumers’ Association, she said: “Our radical new approach to regulation will for the first time allow us to identify areas of potential consumer detriment at an early stage and to home in where risks to consumers are greatest.

“We have already made a head start on helping consumers get a fair deal by providing useful information on financial products and services via our consumer helpline, website, consumer factsheets and guides, and CD-ROM. And the comparative tables are already helping consumers to shop around for the best deal.

“We have already introduced new rules to improve complaints handling by firms, and to set up the new single Ombudsman and compensation schemes. And we have already embarked on major reviews of with-profits products; the insurance sector; polarisation; advertising standards for financial services; and point of sale information disclosure. We are also looking at the application of our new powers on unfair contract terms.”

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