McCarthy argues against Tribunal and labels consumer incompetent

Harsh words from the FSA's chairman claim 23% of UK adults would not be able to find a plumber using the Yellow Pages, as McCarthy says “an efficient market needs competent consumers”. That said, regulated firms are better at understanding what is required of them by the regulatory regime, he adds. ”Progress on the supply side should be quicker,” he says. ”Partly driven by enforcement action…partly driven by encouragement to firms to act responsibly…” McCarthy says in his speech he does not see the regulator as one which is “enforcement led”. ”The majority of our work and our s...