View more on these topics

Consumers&#39 Association disappointed with Treasury review

The Consumers&#39 Association has branded the Treasury&#39s review of the Financial Services and Markets Act 2000 as “disappointing” and “a wasted opportunity”.

Mick McAteer, senior policy adviser at the CA, says: “What a wasted opportunity.  The review is very disappointing, with absolutely no recognition of the collapse in consumer confidence and the need for regulation to protect consumers. It shows little understanding of the need to review the nature and purpose of the regulation to fit the needs of consumers in the 21st century.

“It has failed to recognise that the Financial Services and Markets Act needs to be reviewed to assess the impact on consumer confidence following Equitable Life.

“We are particularly concerned about the consultation over when the FSA should replace decisions in individual cases by the Ombudsman and over the possibility of appeals to the Ombudsman decisions which could effectively fetter the Ombudsman&#39s independence and effectiveness.

“We welcome the commitment to look at cost-benefit analysis but there is no recognition of the need to reverse the way cost-benefit analysis is done so that the consumer is the focal point.

“We are also pleased to see that the review will be clarifying regulations for advice provided through areas such as the workplace and Citizens Advice Bureaux but it has failed to address how to fund and provide access to advice.”

Recommended

Blevins Franks Mortgage Services launches equity release guide

Blevins Franks Mortgage Services has launched a guide to equity release schemes The guide has been designed to inform people aged 60 considering an equity release scheme about the different options available to them and to highlight both the benefits and pitfalls. Under-funded pensions and depressed annuity rates mean many retired people need to supplement […]

igroup launches second phase of regulatory support programme

igroup is this week launching the second phase of its regulatory support programme for intermediaries. Two CEO regulatory forums are being held to help introducers understand why FSA regulation is their biggest deal, and what they can do to smooth their path to authorisation. The first of the forums takes place at Rickmansworth, Hertfordshire on […]

New-build homes rise 9%

New-build homes price inflation has risen by 9% in the last 12 months, research from Bradford & Bingley Land & New Homes says. The cost of an average new home in the UK now stands at £186,747, compared to £172,715 in 2002. The figures from L&NH reveal that the north of England is leading the […]

FSA launches &#39Call to Action&#39 campaign

With 362 days to go until the FSA takes over responsibility for mortgage regulation the FSA has launched a &#39Call to Action&#39 campaign for mortgage intermediaries who wish to register for direct authorisation. The FSA has already put a variety of helpful publications aimed at intermediaries on its website. It has also opened a contact […]

Budget summary – March 2016

This week’s Budget looked as if it would be a difficult one for the Chancellor, with disappointing economic numbers and the need to avoid ruffling feathers ahead of June’s in/out referendum. Nevertheless, Mr Osborne did spring a few surprises, including some tax reductions. So how does this budget affect you? If you are – or […]

Newsletter

News and expert analysis straight to your inbox

Sign up