The FSA should push financial services companies to take more responsibility for the way they treat consumers says the Financial Services Consumer Panel.
In its Annual Report the FSCP calls on the industry and FSA to take more responsibility for the way that consumers are treated, if consumer confidence in the industry is to be improved.
The FSCP wants the FSA to change the the role of commission, penalties for mis-selling, fining individual staff or consultants who misbehave, and ways of increasing publicity about poorly behaving firms.
FSCP chairman Ann Fostersays: “It has got to be in the interests of the financial services industry to improve the current level of consumer confidence, so that more people are able to consider their needs and buy the right products for them. But the industry must play its part in helping consumers. At the moment the industry is too product driven, rather than consumer led. The FSA must come down hard on the industry when it tries to pull the wool over the eyes of consumers.”