FSA chairman Howard Davies' resignation comes at a difficult time for the regulator according to the Consumers' Association.
The announcement he is leaving the FSA next September to become director of the London School of Economics is a shame, says CA director Sheila McKechnie, because the FSA has not found its feet yet and offered adequate protection to consumers.
McKechnie says: “I regret that Howard Davies has resigned. The FSA is at a difficult point in its relatively short life. It hasn't found its feet yet and hasn't provided the kind of action on “rip offs” that consumers had hoped.
“The new appointment will first and foremost have to be credible as someone who will protect consumers and clean up the financial services market.”