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financial services consumers panel recommends changes to uk financial services bill July 19, 2012

Posted by Bradley in : consumers, financial regulation , trackback

In a press release yesterday the FSCP argued that Legislators must force cultural change in financial services. The FSCP Briefing on the Financial Services Bill states:

The key changes the Consumer Panel would like to see are:
– a duty of care for those providing financial services;
– a requirement for the Prudential Regulation Authority (PRA) to take into account the views of consumers by responding to representations from the Consumer Panel;
– a requirement of access for all consumers to financial services;
– an increase in the transparency of financial services regulation by empowering the PRA and Financial Conduct Authority (FCA) to disclose information about the financial services firms they regulate;
– effective competition powers for the FCA to allow it to deliver its statutory objectives; and
– a requirement for the regulators to undertake full and robust cost benefit analysis when developing new rules

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