Commenting on the Financial Services Bill announced in today's Queens Speech

Published:

18/11/2009

Topic:

Press Release,Current Accounts

Commenting on the Financial Services Bill announced in today's Queens Speech, Kevin Mountford, head of banking at moneysupermarket.com said:

"We will always support new proposals which will provide consumers with greater protection, redress and education, however there is a strong sense of déjà-vu here, as we have heard many initiatives over the last year which have yet to come to fruition. 

"It will be interesting to see what kind of service the Consumer Financial Education Body (CFEB) will offer; particularly how and when this will be rolled out. We have already seen the Financial Services Authority's (FSA) Money Made Clear guidance in action, so it is important the CFEB are firstly consistent with this, and secondly add value to information already available to consumers.

"The creation of better routes for consumer redress, including enabling a representative to bring an action through the courts on behalf of a group of consumers could in reality help consumers and providers co-exist. We have witnessed the ongoing and lengthy activity surrounding unfair bank charges; if anything can speed up this process and provide consumers with a direct voice heard by the banks then this is an encouraging move. If the Bill is passed the possibility of class-action should give providers greater incentive to improve their practices and ensure they are transparent, fair and clear with customers.

"Strengthening the FSA including expanding the remit of the Financial Services Compensation Scheme (FSCS) would be a key element to putting an element of trust back into financial services, and ultimately giving consumers peace of mind. The FSCS would need to be clear how this would impact consumers, particularly those using foreign banks."

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