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The Financial Services Consumer Panel did not address individual consumer complaints. This programme was comparable to financial education and literacy strategies in other OECD countries, including the United States. This was divided into three sections each headed by a Managing director and having responsibility for one of the following sectors: In response as to why Sir James Crosby had been appointed deputy chairman when his bank HBOS had been highlighted by the FSA as using risky lending practises, Lord Turner said that they had files on almost every financial institution indicating a degree of risk. January The FSA rarely took on wider implication cases. His comments were that other regulatory bodies throughout the world, which had a variety of different structures and which are perceived either as heavy touch or light touch also failed to predict the economic collapse.


On 18 September , the FSA announced a ban on short selling to reduce volatility in difficult markets lasting until 16 January It was operationally independent of Government and was funded entirely by the firms it regulated through fines, fees and compulsory levies. Despite the fact that many in the industry are considered to be poorly prepared for the changes coming into effect, [17] The most significant identifiable trends are: This covers avoiding unnecessary regulatory barriers to entry or business expansion. For example, thousands of consumers have complained to the Financial Ombudsman Service about payment protection insurance PPI and bank charges. Over several years, the FSA developed work to raise levels of confidence and capability among consumers. It is surprising, therefore, that so little action took place. In line with the other regulators, the FSA had failed intellectually by focusing too much on processes and procedures rather than looking at the bigger economic picture. FSA regulation was also often regarded as reactive rather than proactive. The review was reportedly met with widespread relief in the city of London where firms had feared a 'revolution' in the way that they would be regulated. It does not paint a realistic picture of our supervision of building societies. It was announced in November , that despite self-acknowledged failures by the FSA in effectively regulating the financial services industry, FSA staff would receive bonuses. All investment advisers will be qualified to a new, higher level, regarded as equivalent to the first year of a degree [15] The combination of these factors is expected to significantly reduce the profitability of many FI practices. The restrictions the FSA imposes on the industry must be proportionate to the benefits that are expected to result from those restrictions. As the FSA was created as a result of criticism of the self-regulating nature of the financial services industry, having an independent authority staffed mainly by members of the same industry could be perceived as not providing any further advantage to consumers. Commission-bias is removed from the system and recommendations made by advisers are not influenced by product providers. This involves co-operating with overseas regulators, both to agree international standards and to monitor global firms and markets effectively. People can clearly identify and understand the service they are being offered. We can take enforcement action on the basis of them; we have already done so; and we intend increasingly to do so where it is appropriate to do so. One of the main techniques they use is cost benefit analysis of proposed regulatory requirements. Criticisms[ edit ] This article's Criticism or Controversy section may compromise the article's neutral point of view of the subject. They are expected to bear the brunt of the force of the RDR. Accordingly, firms must take reasonable care to make it clear who has what responsibility and to ensure that the affairs of the firm can be adequately monitored and controlled. From , this work was described as a national strategy [12] on building financial capability in the UK. The review also proposed cross-border regulation of banks.


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