The Financial Services Consumer Panel (FSCP) published a statement saying that the FSA’s Feedback Statement [on its Discussion Paper on consumer responsibility] “shows that the FSA has listened to reason in dropping its push to incorporate additional consumer responsibilities into regulation.”
Adam Phillips Chairman of the Financial Services Consumer Panel said:
"The FSA’s original idea that consumers should have regulatory responsibilities was at best naïve, and at worst irresponsible. The Panel has always argued that the concept of ‘consumer responsibility’ is flawed. We are pleased that the FSA has listened to our advice: the decision announced today that the FSA will promote sensible actions for consumers as part of its consumer capability work is much more realistic."