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Panel wants focus to help consumers

The Financial Services Consumer Panel has called for the FSA to publish information on firms’ performance and take over regulation of consumer credit from the Office of Fair Trading.

The panel’s response to the Turner review says the FSA must provide more transparent regulation, giving consumers information on companies performing well as well as those performing badly. It wants the FSA to regulate all aspects of business conducted by the firms it authorises, including provision of consumer credit.

It says: “There must be an end to institutions lending irresponsibly and so encouraging consumers to take on excessive debt. It makes sense to have credit and savings supervised by the same people.” The panel is also calling for the FSA to increase its conduct of business supervision and take a tougher line on enforcement.

Panel acting chairman Adam Phillips says: “This is the time to challenge whether the FSA’s overall regulatory approach works for consumers as well as markets. We want to see a clear focus on better outcomes for consumers.”

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