Consumers 'blame FSA for banking problems'

3 November 2011

Banks were not dealt with strongly enough by the Financial Services Authority (FSA) in the lead up to the global economic downturn.

That is the opinion of the majority of Britons in a study published today (3 November) by Which?, as this survey established that some 73 per cent of consumers in the UK believe the regulator failed to impose strict enough controls on financiers at that time.

Indeed, only 36 per cent indicated they think that the FSA has managed to create an environment whereby lenders treat customers fairly, as 76 per cent stated that banks cannot be trusted to regulate themselves properly.

With this in mind, Peter Vicary-Smith, chief executive of Which?, spoke of his hope that the new Financial Conduct Authority - which will take over the role of consumer protection from the FSA - will do a better job.

"This is a once in a generation opportunity to get this regulation right. People are crying out for a strong financial regulator that fights on their behalf," he stated.

By Gary Cooper

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development