Consumer group Fairer Finance has appointed Christine Farnish, who led a damning review of the Money Advice Service, and Nest chairman Otto Thoresen to its advisory board.
The board holds Fairer Finance to account to ensure it focuses on work that has a clear benefit to financial services consumers.
As well as advising banks and insurers on transparency and communications issues, it ranks firms based on customer feedback.
Farnish is a former chair of Consumer Focus while Thoresen was previously director-general of the Association of British Insurers.
They will join former head of the Building Societies Association Adrian Coles on the board.
Fairer Finance managing director James Daley says: “Otto and Christine are two of the most respected figures in the financial services industry – so we’re incredibly fortunate to have them be a part of Fairer Finance.
“We set up the Consumer Advisory Board so we could demonstrate that we would never put our own commercial gain ahead of our mission to create a fairer financial services industry for consumers. Christine and Otto have decades of experience sticking up for consumers, and I know they won’t shy away from asking difficult questions and keeping us focused on our mission.”
Farnish says: “I’m pleased to be involved with James and his team and help make the financial market work better for consumers.”
Thoresen says: “Simpler language, independent research to support buying decisions and making sense of the complex regulation which applies to the sector. Good governance over how the organisation operates is key to it being trusted. I’m very happy to be playing a part in delivering that.”