Financial services and consumers
The Government believes that informed, empowered consumers are key to a competitive and fair market place, and competition and choice are central to responsive and well functioning markets.
A number of reforms are already underway which aim to empower consumers and ensure better standards. The Financial Services Bill introduces:
- new powers for the FSA to require banks to make redress where there has been mis-selling or a legal or regulatory breach;
- new procedures for consumers to take group action through the courts;
- a ban on credit card cheques; and
- powers which enable the Financial Service Compensation Scheme (FSCS) to act on behalf of other compensation schemes, ensuring rapid payment to consumers affected by the failure of a foreign bank.
Share
