The industry watchdog, the Financial Services Authority has replied to a Department of Trade and Industry consultation document with almost 40 pages of disagreement.
According to the consultation paper on unfair commercial practices, all consumers would benefit, no matter what sector they were doing business with. The FSA disagreed in its response, stating that UK consumer regulation was already of a higher standard than that proposed. They also felt that by adopting the contents of the directive that UK consumers would be worse off.
Our View
The Financial Services Authority is correct when they say that consumers in the UK are subject to a comprehensive amount of protection. We believe that going back on what we already have would be extremely foolish, just in order to bring the rest of the EU to a lower standard.
Consumer protection in the UK works and the rest of the EU should look to match it as a minimum.