View more on these topics

FSA has not used mystery shoppers for over a year

The Financial Services Authority has not used mystery shoppers for over a year and a half, according to a Freedom of Information request made by the BBC.

The FSA has told the BBC that no mystery shopping exercises have been carried out since March 2010, despite Hector Sants saying in March 2010 that the FSA would make more use of mystery shoppers.

Sarah Brooks, director of financial services at Consumer Focus, told the BBC: “It is a little surprising that the FSA hasn’t placed more of an emphasis on mystery shopping, which can be a useful tool in identifying consumer detriment.

“We accept that mystery shopping may not provide the hard evidence needed for enforcement action. However, it can act like a canary in a mineshaft – an indicator of problems.”



Caption Competition

Newcastle United defender Steven Taylor celebrates as Virgin Money signs a two-year dealtosponsor the football club.

Irish asking prices suffer sharp fall

Average asking prices for property in Ireland fell by 18% in 2011 – as large as the decline seen in 2009 – claims property website firm, which claims to be Ireland’s biggest property site, says asking prices dropped by 7.7% in the three months to December, the sharpest quarterly price fall to date.It takes […]

Stable foundations for industry building

Publication of the Financial Services Authority’s Mortgage Market Review consultation paper finally brings to an end a period of fevered speculation over the proposals.

Life after the CML

By Roy Armitage, head of credit at LendInvest Last month saw three-quarters of the membership of the Council of Mortgage Lenders (CML) vote in favour of plans to create a super-trade body, which would see the CML merge with the likes of the British Bankers’ Association and Payments UK. There is little room for misty-eyed […]


News and expert analysis straight to your inbox

Sign up