The Financial Services Consumer Panel has four key priorities for 2011 to give consumers a better deal.
Consumer protection has to be at the forefront of policymakers' minds during 2011. The government's anticipated financial services reform bill should mark a step-change in putting good consumer outcomes at the heart of its thinking.
Top four 2011 priorities for consumers:
- A powerful, proactive regulator - the proposed Consumer Protection and Markets Authority must have stronger powers to take tougher action to offer better consumer protection
- Higher industry ethical standards - ensuring providers stick to the rules and have the highest ethical standards and staff training
- Access to meaningful advice and straightforward products - consumers deserve unbiased financial advice and consumer financial information and products that do what they say on the tin
- Increased transparency - the FSA in 2011 and the new financial regulators that follow should have a presumption of publication so the public can make informed choices.