The Financial Services Consumer Panel (FSCP) has published its response to a number of consultations. These include responses to the:
- Financial Conduct Authority’s (FCA’s) proposals on improving complaints handling (CP14/30).
The FSCP supports the overall direction of the FCA’s proposals and is particularly interested in how the FCA proposes to improve consumers’ awareness of the complaints process. For the full response please click here.
- Lending Standards Board (LSB) review of the Lending Code.
The FSCP believes that since the FCA took on responsibility for consumer credit, it has become less clear that there is a continuing need for the Code. The FSCP believes that the LSB should focus on those areas not covered by the statutory rules. For the full response please click here.
- FCA’s proposed remedies set out in its cash savings market study (MS14/2.3).
The FSCP welcomes the FCA’s findings and recommendations, as it is important that customers are made aware promptly of changes to their savings rates, and that they can switch to other providers or accounts with better interest rates. For the full response please click here.
- FOS’s plans and budget for 2015/16.
The FSCP believes that effective use of published decisions and Ombudsman insight would be helpful for both firms and consumers and that it would be good if the FOS increased resource in this area. For the full response please click here.
- European Banking Authority’s (EBA’s) consultation on its draft guidelines on creditworthiness (EBA/CP/2014/42) and arrears & foreclosure (EBA/CP/2014/43) under the Mortgage Credit Directive.
The FSCP agrees with the content of the draft guidelines. The UK currently maintains stricter standards than those outlined in the guidelines, but as they constitute a minimum approach for national competent authorities, the FSCP has no recommendations for substantive changes and looks forward to their adoption by the EBA. For the full response please click here.