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DP10/1 to contact the authors
28 March 2011
This Feedback Statement reports on the main issues arising from Discussion Paper 10/1, Consumer complaints (emerging risks and mass claims).Newsletter [PDF]
DP10/1: (March 2010)
Consumer complaints (emerging risks and mass claims)
FSA/OFT/FOS Coordination Committee
Memorandum of Understanding between the Claims Management Regulator and the Financial Services Authority [PDF]
FSA Handbook
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.Bankrupt football legend probed by police over loan fraud
Monday 2nd August 2010
Mortgage broker ordered to repay £1.5m of client money used to pay off debts
Wednesday 14th July 2010
Barclays lifts lid on banking write-offs
Wednesday 20th February 2008
RSS Feed News Archive
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.Bankrupt football legend probed by police over loan fraud
Monday 2nd August 2010
Mortgage broker ordered to repay £1.5m of client money used to pay off debts
Wednesday 14th July 2010
Barclays lifts lid on banking write-offs
Wednesday 20th February 2008
RSS Feed News Archive
David Cameron used his speech at the World Economics Forum in Davos, Switzerland, to broach the topic of debt management in the UK despite government plans to imminently scrap the Financial Inclusion Fund.
Speaking on Friday, the Prime Minister said the country needs “an economy based not on consumption and debt but on savings and investment”, a statement that some commentators have interpreted as an indication that further measures may be taken by the coalition government to try and address the financial difficulties facing thousands of Britons. Personal debt in the UK has reached nearly £1.5 trillion and insolvency rates have also risen to record levels.However, such hope that David Cameron might attempt to assist Britons with their debt problems is rather undermined by the Legal Action Group’s (LAG) report, released yesterday, which revealed that the Financial Inclusion Fund (FIF) will end in March due to impending cuts to legal aid and local government grants.Around 100,000 people with debt problems are assisted each year by the 500 advisors paid for by the Financial Inclusion Fund, who are based in the Citizen’s Advice Bureaux and other not-for–profit advice centres. The majority of these advisors will now be made redundant.Teresa Perchard – Director of Policy at the Money Trust, a charity which promotes independent help for people with debt problems – said to the BBC: “It just doesn’t stack up: unemployment is rising, the economy is in a difficult situation and there is an increasing demand for debt advice. To lose frontline services in local communities at this time doesn’t seem to make sense.”A spokesman for the Treasury said to the BBC that a new web and phone based service would be introduced and would be able to refer cases to specialists. "We want to make sure that individuals facing financial difficulty can get advice early, rather than wait until their problems become much more difficult to resolve," he added.Bankrupt football legend probed by police over loan fraud
Monday 2nd August 2010
Mortgage broker ordered to repay £1.5m of client money used to pay off debts
Wednesday 14th July 2010
Barclays lifts lid on banking write-offs
Wednesday 20th February 2008
RSS Feed News Archive 
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