Which? responds to government plans to reform financial services sector

Rocio Concha, Which? Director of Policy and Advocacy, said: 

“Which? supports a financial services sector that is competitive and boosts economic growth. We are also in favour of dropping overburdensome regulations that don’t work for consumers or businesses.

“But any reforms must not happen at the expense of weakened consumer protections. Which? is concerned that current proposals to give the FCA and PRA the secondary objective of promoting growth and international competitiveness could harm their primary role of protecting and advancing consumer protections.

“Of particular importance is the safeguarding of the FCA’s new Consumer Duty, which will raise consumer protection standards at a time when the cost of living crisis is squeezing household budgets for millions of people.” 



Notes to Editors 

– Section 75 of the Consumer Credit Act allows consumers to claim directly against their credit card company if something has gone wrong with a purchase. Which? would not want to see this replaced with a duty on credit card companies that only exists in FCA rules. See more here

Statement: , ,