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Turner Review: Consumer Panel says review ignores banks’ TCF failings

The Financial Services Consumer Panel has criticised the Turner Review for failing to address banks’ “appalling” treatment of customers.

The panel welcomes Lord Adair Turner’s “candid” assessment of what went wrong in the run up to the current financial crisis.

But, FSCP acting chairman Adam Phillips says: “The review, for all its revealing content and excellent analysis, has not commented on the appalling way which banks have treated their customers both before and during the banking crisis.”

He adds: “The review suggests that the FSA has been biased towards conduct of
business rather than prudential regulation of banks.

“However, recent history in terms of bank charges, the selling of payment protection insurance and mortgages shows that the FSA cannot be allowed to think it has the regulation of the consumer facing side of financial services under control.”

The FSCP says it is looking forward in engaging in the debate over how the proposals can deliver better outcomes for consumers.

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