OFT highlights consumer importance

Natalie Holt
04-Jul-2008
The chairman of the Office of Fair Trading has highlighted the need for the financial services industry to work together to ensure that consumers can drive market development.
In his speech at the Annual Dinner for the Association of Finance Brokers earlier this week Philip Collins told delegates: “The OFT and the AFB share a common interest in ensuring that consumers can drive market development and expansion and facilitate the growth and prosperity of business.

“Our aim is to make markets work well not just for consumers but also for businesses and the wider economy. The AFB’s aim is to raise standards in the sector and to encourage the development of products that are focused on consumers’ needs.”

Robert Sinclair, director of the AFB, says: “I am delighted we share common objectives in developing consumers capable of making informed choices and a market where fair and transparent products and services prevail. We are also passionate that consumers must be able to get robust advice from people who are working in their best interests.”

The AFB also took the opportunity to call for a measured approach to regulation. Robert Sinclair, director of the AFB, says: “Appropriate and proportionate regulation is our common goal. We must address the issues surrounding irresponsible lending and are committed to ensuring that consumers, lenders and intermediaries fully understand their responsibilities.”

John Gummer, chairman of the AFB, says: “Businesses do have to adapt to new systems and controls but at the same time we have to think about the consumer. We hope that we can have a constructive relationship so that the AFB can ensure that regulation is light touch and deals with where we are going rather than where we have been.”

He adds: “This is a very difficult moment for regulation to be expanded or changed, and it is important that there is a clear understanding for the industry when making the change.”