The FSA turns its attention to risks in retail

Wednesday 2nd March 2011

The FSA has published details which disclose the level of risk exposed to consumers within the retail market.

The Retail Conduct Risk Outlook (RCRO), produced by The Financial Services Authority (FSA), became available through their website earlier this week. The new publication is set to act as a primary component within the FSA’s consumer protection strategy. Introducing the new publication, Adair Turner, FSA chairman said: “The Retail Conduct Risk Outlook is a timely reminder of the consumer protection challenges facing the FSA, it’s successor bodies and financial firms over the coming years. It analyses how the environment trends may influence how firms treat their customers, and assesses the resulting potential for poor customer outcomes. The RCRO informs our dialogue with firms and consumer representatives on conduct risk and will play an essential part in our work to mitigate the potential risks to consumers in the future.”The RCRO is intended to enhance consumer protection by analysing the retail environment, identifying potential risks and then making this information available to consumers.  The FSA’s introduction of the report outlook is a proactive step towards encouraging appropriate conduct within the market. The main purpose of the RCRO is to limit and prevent consumer detriment, through identification and then publication of these details. The report analyses both upcoming and current risks enabling the FSA to formulate priorities appropriate to consumer needs within the current market. The addition of the publication to the FSA’s resources broadens the regulation of the financial services industry, further enhancing the stability of the UK financial system. 
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