FSA too easy on banks, say consumers

clock

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...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA urged to 'think again' on targeted support annuity rules

FCA urged to 'think again' on targeted support annuity rules

Regulator’s MoneyHelper signpost criticised as a ‘real limit’

Isabel Baxter
clock 03 September 2025 • 2 min read
FCA continues data reporting cuts

FCA continues data reporting cuts

Regulator removes more data returns

Isabel Baxter
clock 28 August 2025 • 1 min read
Regulatory and employment-related changes – what do firms need to prepare for?

Regulatory and employment-related changes – what do firms need to prepare for?

‘Getting these issues right is not just about avoiding regulatory action or tribunal claims’

Sophie White
clock 21 August 2025 • 4 min read