Menu
24/09/2003
FSA 'task force' to aid consumer confidence in financial industry
The Financial Services Authority (FSA) is to set up a task force designed to "significantly raise" consumers' capability and confidence in dealing with financial services and products.
The FSA's new Chief Executive John Tiner told a Corporation of London dinner at the Mansion House that firms and consumers had a "mutual interest" in the market working better and this meant having more "capable and confident consumers" who can identify their needs and then know what to do about them.
He also called for private and public sector bodies to "coalesce" around a national strategy for financial capability.
"The prize here is very great indeed. If capable consumers acting collectively can be a more influential force in the market there could be a consequently less rigorous regulatory regime," he said.
Mr Tiner said that he would oversee the setting up of an Advisory Group charged with establishing, by 31 March next year, a clear view of what the industry, the government and other parties should best do.
"This is not product regulation through the back door, but a tool to provide an early warning of products that may be about to be launched or are circulating in the market that present particular dangers to consumers," he said.
John Tiner also called upon relevant agencies that they must act "swiftly and decisively" when necessary.
The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; securing the appropriate degree of protection of consumers; and fighting financial crime.
(gmcg)
The FSA's new Chief Executive John Tiner told a Corporation of London dinner at the Mansion House that firms and consumers had a "mutual interest" in the market working better and this meant having more "capable and confident consumers" who can identify their needs and then know what to do about them.
He also called for private and public sector bodies to "coalesce" around a national strategy for financial capability.
"The prize here is very great indeed. If capable consumers acting collectively can be a more influential force in the market there could be a consequently less rigorous regulatory regime," he said.
Mr Tiner said that he would oversee the setting up of an Advisory Group charged with establishing, by 31 March next year, a clear view of what the industry, the government and other parties should best do.
"This is not product regulation through the back door, but a tool to provide an early warning of products that may be about to be launched or are circulating in the market that present particular dangers to consumers," he said.
John Tiner also called upon relevant agencies that they must act "swiftly and decisively" when necessary.
The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; securing the appropriate degree of protection of consumers; and fighting financial crime.
(gmcg)
Related UK National News Stories
Click here for the latest headlines.
02 April 2004
Marks & Spencer poised to axe 1,000 jobs
Under restructuring plans announced on Friday, Marks & Spencer is to axe around 1,000 jobs following a review of head office operations and the financial services division. The company said the decision formed a "major part of Marks & Spencer's ongoing plan to accelerate business transformation".
Marks & Spencer poised to axe 1,000 jobs
Under restructuring plans announced on Friday, Marks & Spencer is to axe around 1,000 jobs following a review of head office operations and the financial services division. The company said the decision formed a "major part of Marks & Spencer's ongoing plan to accelerate business transformation".
27 September 2006
Britons' debts 'double the European average'
People in UK have average debts that are almost double those of other Western Europeans, according to analysts. A report by Datamonitor found that the average British citizen owed £3,174 in unsecured debts - such as personal loans and credit cards - compared to an average of just £1,558 in Europe.
Britons' debts 'double the European average'
People in UK have average debts that are almost double those of other Western Europeans, according to analysts. A report by Datamonitor found that the average British citizen owed £3,174 in unsecured debts - such as personal loans and credit cards - compared to an average of just £1,558 in Europe.
03 March 2011
ITV Profits Gets X Factor Boost
There has been a major profits surge for the commercial broadcaster, ITV. It has reported that pre-tax profit almost tripled last year to £321m thanks to a market-beating 16% boost in TV ad revenues, but its programme making division struggled as earnings dropped more than 10%. ITV reported total revenues up 10% to £2.
ITV Profits Gets X Factor Boost
There has been a major profits surge for the commercial broadcaster, ITV. It has reported that pre-tax profit almost tripled last year to £321m thanks to a market-beating 16% boost in TV ad revenues, but its programme making division struggled as earnings dropped more than 10%. ITV reported total revenues up 10% to £2.
03 February 2011
New Consumer Protection CEO-Designate Appointed
The Government today announced that Martin Wheatley will become Chief Executive designate of the Consumer Protection and Markets Authority (CPMA). He will be formally appointed to the post of chief executive once the new body has been established at the end of 2012.
New Consumer Protection CEO-Designate Appointed
The Government today announced that Martin Wheatley will become Chief Executive designate of the Consumer Protection and Markets Authority (CPMA). He will be formally appointed to the post of chief executive once the new body has been established at the end of 2012.
19 October 2009
FSA Sets Out Major Reforms For The Mortgage Market
The Financial Services Authority (FSA) today set out proposals for the major reforms required in the UK mortgage market to ensure that it works better for consumers and is sustainable for all market participants.
FSA Sets Out Major Reforms For The Mortgage Market
The Financial Services Authority (FSA) today set out proposals for the major reforms required in the UK mortgage market to ensure that it works better for consumers and is sustainable for all market participants.
-
Northern Ireland WeatherToday:A dry and sunny start but cloud bubbling up with a few showers developing from late morning. Sunny intervals and scattered showers in the afternoon, these could be heavy at times. Maximum temperature 12 °C.Tonight:Remaining cloudy with a few showers continuing through the evening. Some drier, clearer spells in the early hours, before cloud builds and showers turn more persistent towards dawn. Minimum temperature 4 °C.
