Consumer watchdog Which? is lobbying the European Commission to fund an EU-wide consumer panel designed to hold financial services firms and regulators to account.The proposed consumer panel would have sweeping powers and position itself as the EU equivalent to the UK’s Financial Services Consumer Panel. It would comprise consumer groups across the EU which will summon quarterly public hearings with firms and regulators. Which? aired the proposal officially in Brussels earlier this week at a meeting of consumer groups, firms and trade bodies chaired by European Commissioner for internal markets and services Charlie McCreevy. The meeting was discussing the European Commission’s financial services green paper in which McCreevy called for an end to gold plating of European directives and more careful vetting of the impact of regulation. Which? principal policy adviser Mick McAteer says: “This panel will hold the companies and regulators across Europe to account. It will also help consumer groups compete with powerful industry lobby groups. We need to make sure we don’t repeat the UK pensions misselling scandal on a EU-wide basis.” But Personal Finance Society public affairs director John Ellis says: “I can’t see what an EU wide body would achieve as each country has its own specific issues and demands. There is no lack of power on behalf of consumers and UK consumers have enough representation already.”
We have been contacted by many elderly, unsophisti- cated, income-seeking investors, concerned that the income and capital value of their split-capital and zero-dividend investments have fallen sharply since the late 1990’s.
At a recent family occasion, two cousins, one from the US and one from the UK, were discussing Al-Qaeda. The one from the US, who lives in a Californian town too obscure to be a likely target for terrorists but who flies frequently on business, said: “Everyone’s afraid.”
This week Edmund Tirbutt, freelance financial journslistWorking from an 18th-century attic in the Kent countryside has proved to have a slight summertime sting in the tail. Last year this came from the wasps which nested inside the roof next door and made surprise visits even when my window was shut. This year they appear to […]
Strange goings on at the ABI summer party last week when mid-bash an ABI-branded cake was produced to the bemusement of onlookers. Director general Stephen Haddrill cut a hefty slice before the party resumed. The cake was to celebrate it being 20 years old but there was no announcements to this effect. What a lost […]
By Rob Burnett, head of European equities, Neptune After nine years of underperformance versus quality growth, Rob Burnett, manager of the Neptune European Opportunities Fund, believes that value strategies have reached an inflection point. Watch Rob discuss why he believes value is well positioned to resume its historical trend of outperformance. Click here to watch […]
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- Top trends
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- Martin Lewis wins claim against PPI chaser that used his image
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- The future of Cofunds: What next for a platform titan?
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