FSA breaks mystery shopper promises

clock

The Financial Services Authority (FSA) has not used mystery shoppers for at least 18 months, despite a promise from Hector Sants that the regulator would make more use of the tactic.

A freedom of informaion request submitted by the BBC found no mystery shopping exercises had been carried out since March 2010. In 2010, FSA chief executive Sants, said he would step up mystery shopping exercises. Consumer groups said they found the news "surprising". "It is a little surprising that the FSA hasn't placed more of an emphasis on mystery shopping, which can be a useful tool in identifying consumer detriment," Sarah Brooks, director of financial services at Consumer Focus, told the BBC. "We accept that mystery shopping may not provide the hard evidence needed for en...

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: Simplified advice rules update imminent; MPS review outcome set for 2027

FCA: Simplified advice rules update imminent; MPS review outcome set for 2027

Regulator's Kate Tuckley gives update

Isabel Baxter
clock 08 September 2026 • 3 min read
DB transfer adviser hit with provisional FCA ban and £742,700 fine

DB transfer adviser hit with provisional FCA ban and £742,700 fine

Daniel Thomas advised 53 clients, including four British Steel scheme members

Sophia Panayi
clock 03 September 2026 • 2 min read
Proving good customer outcomes still a challenge for financial planners

Proving good customer outcomes still a challenge for financial planners

Firms face practical challenges in Consumer Duty board reporting

Sophia Panayi
clock 03 September 2026 • 2 min read