The FSA's Consumer Panel is protesting the establishment of a new consultative panel intended to sou...
The FSA's Consumer Panel is protesting the establishment of a new consultative panel intended to sound off ideas on harmonisation of European financial services rules, because of the lack of consumer representation.
The panel says the Committee of European Securities Regulators (CESR) Market Participation Consultative Panel, based in Brussels, will not properly reflect the views of consumers who will ultimately be directly affected by the EU drive to harmonise financial services rules.
The CESR is responsible for giving advice to the European Commission, which in turn in tasked with implementing EU directives on financial services.
But without the inclusion of consumer representatives on the panel meant to criticise or support CESR proposals, the Consumer Panel feels that an opportunity has been missed.
The CESR Market Participation Consultative Panel is mainly made up of bank and stock exchange representatives - albeit with two members there on behalf of shareholder groups.
In the UK, the FSA must consult both the Consumer Panel and the Practitioner Panel about proposed regulatory changes.
The panel's chairman Colin Brown says he intends to lobby both the CESR and the FSA on the issue.
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