Speaking at the FSA’s annual meeting, Adam Phillips, chair of the Consumer Panel, said that the new system of regulation must learn from the successes and failures of the FSA and commit itself to implementing changes that will protect consumers, including the Mortgage Market Review.
Phillips said that there had been a “step-change” in how the regulator dealt with consumer protection in the last 18 months and it welcomed the change of focus.
However, he added: “We hope that the decision to reform the regulatory structure will not lead to the deferment of changes which will bring significant benefits to consumers. The Retail Distribution Review and Mortgage Market Review need to be fully implemented and payment protection insurance mis-selling needs to be resolved.
“Intelligent regulation means clear, joined-up and enforceable rules. Consumers need one-stop regulation from a proactive regulator so that poorly performing firms are made to play by the rules. Effective redress and timely and appropriate compensation are also vital if consumers are to have confidence in the system.”
