FCA will spurn consumer body call to rate firms - lawyer

Carmen Reichman
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The regulator is likely to shrug off calls from the Financial Services Consumer Panel (FSCP) to create a quality rating for firms, on the grounds it does not have the resources to take on the burden, a law firm has said.

The panel wants the Financial Conduct Authority (FCA) to give firms a 'star rating', arguing regulatory fines had virtually no impact on whether or not consumers do business with a company. But Robbie Constance, regulatory lawyer at RPC,  said the FCA is unlikely to agree to a measure that could prove a "huge burden" if done properly. The FSCP wants a firm's regulatory history, service level data and consumer feedback combined into one simple rating to allow consumers to shop around and "shun miscreant firms". Heavier fines and penalties resulting from a tougher enforcement regime ...

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