The FSA, the Office of Fair Trading and Financial Ombudsman Service (the Authorities) have jointly published Discussion Paper 10/1: Consumer complaints (emerging risks and mass claims) (DP10/1). In DP10/1 the Authorities consider the current position for redress and complaints handling in the financial services industry and any potential changes.
In DP10/1 there is a proposal to create a new consumer protection committee to scan for emerging risks. The committee would identify any risks with the potential to turn into widespread problems, and determine fast and effective ways of dealing with them, whether through regulatory action or consumer complaints.
Sheila Nicoll, FSA director of conduct policy said:
"Complaints handling is a priority area within the FSA’s intensive supervision agenda. The coordination committee is a clear indication of the intention, and will, of the authorities to work even more closely together to improve the experience of consumers, and to avoid problems happening in the first place."
The deadline for comments on DP10/1 is 10 June 2010.
View Discussion Paper 10/1: Consumer complaints (emerging risks and mass claims), 11 March 2010