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FSA must now get tough, says Which?

Consumer body Which? is calling for the FSA to tighten up on the regulation of banks, claiming consumers will lose out unless it takes action now.

Following the FSA’s announcement that it is to take over all retail banking conduct regulation for deposit taking and payment services from November, Which? personal finance campaigner Vera Cottrell says it is now time for the regulator to tough.

She says: “The FSA has to get tough as a regulator and use its full range of powers to keep banks in check. If it relies on the industry to develop its own code consumers could find themselves worse off.

“Instead of closing the stable door after the horse has bolted, it must be proactive in finding and dealing with problems or consumers will lose out.”

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