FSA must act more forcefully, says Which?

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FSA must act more forcefully, says Which?

Thu 19th Mar 2009

Consumer magazine Which? has claimed that the Financial Services Authority (FSA) needs to act more forcefully and "show its teeth" in order to protect customers against unfair banking practices more effectively.

The magazine called for banks to be hit with heftier fines when they stray outside the rules laid down by the regulatory authority.

It also suggested that financial services providers found guilty of transgressions should be named and shamed, in order to prevent a repeat of the unsafe lending practices which contributed to the current credit crunch.

However, Which? added: "In terms of credit availability, we have gone from feast to famine. We welcome proposals designed to avoid a repeat of the current crisis but it is important that credit remains accessible to creditworthy individuals."

Lord Turner, the head of the FSA, recently published a review recommending regulatory measures aimed at preventing a repeat of the current financial crisis.

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