FSA too easy on banks, say consumers

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Three-quarters of consumers believe the FSA failed to stand up to the banks in the run-up to the financial crisis and has not done enough to help consumers, according to Which?.

Its survey of more than 1,200 people showed that 82% feel the FSA needs more powers to force the banks to change, with just 36% thinking that the regulator has managed to ensure banks treat their customers fairly. Nevertheless, 85% said that a financial regulator is needed, with more than three-quarters saying that banks cannot be trusted to regulated themselves. Which? chief executive Peter Vicary-Smith gave evidence to the Treasury Select Committee on 2 November, saying that the creation of the new Financial Conduct Authority (FCA) offered a "once in a generation opportunity" to get...

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