The Financial Services Consumer Panel (FSCP) has hit out at the Financial Services Authority (FSA) for a "record of procrastination", and has called on it to take immediate action against firms whose incentive schemes are to the "detriment of consumers".
The FSCP is an independent statutory body set up to represent the interests of consumers in the development of policy for the regulation of financial services. It made the comments to the FSA in its response to the regulator's consultation paper GC12/11: Risks to consumers from financial incentives, which aims to tighten up the rules around pay and bonuses. The regulator has a "past record of procrastination...
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