The new Financial Services Bill has provoked
reaction:
Otto Thoresen of the ABI comments: "The FCA must
promote positive outcomes for consumers, rather than just focus on avoiding
negative outcomes. Firms now need a clear and realistic timetable for the
remainder of the transition which takes in secondary legislation, as well as
the parliamentary stages of the bill."
Sarah Brooks of Consumer Focus comments: "This is
a once in a generation opportunity to reform our financial regulation and it is
vital we get it right. Consumers have been losing out for too long. It is
important that the bill ensures that all of the regulatory bodies are clear on
their responsibilities and powers from the offset. Particularly welcome steps
include early interventions on banning products. The clarity of the FCA
objectives on promoting competition is significant. Competition is not an end
in itself, it must deliver benefits for consumers. The detail in the bill gives
some hope that this has been recognised and the new regime will work towards
promoting effective competition to make sure consumers get a better deal.”
Which? warns that government promises of a
pro-consumer watchdog must be delivered. Peter Vicary-Smith says “The regulator
must be strong, open and proactive, with consumer protection and the promotion
of effective competition at the heart of everything it does. The FCA needs to
deliver on its promises."
