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FCA will help to safeguard consumer rights, says Which?
Posted by Craig Williams
The newly-founded Financial Conduct Authority (FCA) is to play a central role in upholding consumer rights.
This is the view of consumer watchdog organisation Which? after it was revealed that the body will possess extensive powers to crack down on banks and financial services providers that do not have the best interests of clients in mind.
Among the measures that the FCA will be able to implement are 12-month bans on toxic products, while it will also be tasked with encouraging healthy competition in the finance sector.
These are initiatives that Which? has campaigned for in the past, leading the organisation's chief executive Peter Vicary-Smith to welcome the FCA's hands-on approach to consumer protection.
Mr Vicary-Smith said this will provide "stronger incentives to treat customers fairly and offer good value for money".
The FCA was previously to be known as the Consumer Protection and Markets Authority, but has been renamed to better suit its overall remit.
18/02/2011 16:52
News category: Consumer