Consumer Protection Agency
Published / Last Updated on 14/06/2010
by Ashley Clark, Director
According to a report on the BBC, the Bank of England looks set to take control of the finance industry regulator the Financial Services Authority (FSA).
The FSA’s duties for regulating the industry will now be overseen by the Bank of England and a separate regulatory body called the Consumer Protection Agency will regulate the intermediary industry such as financial advisers and insurance brokers.
There will be a whole raft of changes aimed at improving the way the finance industry develops products, deals with consumers and funds compensation.
In addition, to the Consumer Protection Agency there will also be a new Financial Policy Committee made up of executives from the Bank of England and senior representatives from the FSA who will be responsible for maintaining financial stability and prevent banks from offering excessive credit.
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