LOL

Should consumers have more responsibility?

Yes

Is the FSA wrong to have proposed that they do?

No

Do you think industry has too much responsibility for consumer actions or should take on more?

I think that there is work to do before we can assume that consumers can cope with more responsibility. As discussed in the other thread, the banking charges, fees, rates, etc are difficult to follow. What would be beneficial is a single standard format for this information. The same, easy to read information that you can then get from every bank, set out in such a way to make it possible to compare one with another without the worry of extra financial information 'hidden' in the small print.

But, without the re-education of the consumers, we won't get away from blaming other people for our actions.

Unfortunately, in many cases, it is easier to blame someone else than attempt to learn from ones mistakes.

Felicity King-Evans:

Controversial plans to increase the responsibility consumers must take for the financial products they buy have been shelved by the Financial Services Authority (FSA).

I have to confess I knew nothing of the proposals. Though I haven't studied it I fear it was just a smokescreen to cover FSA regulatory ineptitude.

But to answer the question how can the man in the street (or bus) ever be a match for big bad organisations.? What we need are swingeing profit related fines for organisations' transgressions.

Controversial plans to increase the responsibility consumers must take for the financial products they buy have been shelved by the Financial Services Authority (FSA).

It had been running a consultation on how much responsibility individuals should take for their decisions, considering whether or not the balance of responsibility should flip from the industry back to the consumer.

The proposed changes were met with fiery criticism from consumer groups. Adam Phillips, chairman of the Financial Services Consumer Panel, described them as “at best naïve, and at worst irresponsible”.

According to the FSA, the proposals have been dropped because no consensus could be found.

However, Dan Waters, director of retail policy and conduct risk at the regulator, said there were positive elements of the work that would be taken forward as it tries to boost financial capability among consumers.

"The more engaged, demanding and discerning consumers become, the better off industry and consumers will be."

What do you think? Should consumers have more responsibility? Is the FSA wrong to have proposed that they do? Do you think industry has too much responsibility for consumer actions or should take on more?