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

New regulations and challenges in the EU and UK: What are advisers' next moves?

New regulations and challenges in the EU and UK: What are advisers' next moves?

Regulatory simplification vs expanding oversight

Bernadine Reese
clock 16 July 2026 • 4 min read
FCA investigates 11 potential Consumer Duty breaches including small IFA

FCA investigates 11 potential Consumer Duty breaches including small IFA

Publishes good practice review

Michael Nelson
clock 13 July 2026 • 4 min read
Advertising watchdog censures whisky cask and gold investment firm

Advertising watchdog censures whisky cask and gold investment firm

ASA upholds four complaints against Cap Group

Isabel Baxter
clock 08 July 2026 • 3 min read