Study shows consumer dissatisfaction with FSA

Posted by Chris Stevenson

The majority of Britons are unsatisfied with the level of protection from banks they were given by the Financial Services Authority (FSA) at the outset of the global economic downturn, new research has shown.

According to a study conducted by Which?, almost three-quarters of all consumers - 73 per cent - feel the body was not strong enough in its regulation of financiers in the lead up to the recession.

It was found that while 85 per cent of individuals think it is necessary for a financial watchdog to be in place to look out for customers, just 36 per cent felt the FSA had done this effectively in recent times.

The FSA - which was granted its powers under the Financial Services and Markets Act 2000 - is to be replaced in the near future by the new Financial Conduct Authority.

And Peter Vicary-Smith, chief executive of Which?, indicated this represents a "once in a generation opportunity to get regulation right". ADNFCR-2353-ID-800785709-ADNFCR

03/11/2011 15:01

News category: Consumer

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