Consumers protected with new regulatory body

www.moneynews.co.uk > General finance > Consumers protected with new regulatory body

Consumers protected with new regulatory body

Thu 2nd Oct 2008

The government is promising consumers a "more powerful consumer champion" through the launch of regulatory body Consumer Focus.
Created by a merger of the National Consumer Council, Energywatch and Postwatch, Consumer Focus is claimed to have more powers than its predecessors, such as the right to demand information from companies.
Energy and postal watchdogs Ofgem and Postcomm will now fine companies which fall short of new standards and publicise firms' responses to complaints.
A new independent ombudsman, free for customers, is also available if companies and consumers cannot agree on an issue. Companies will have to pay hundreds of pounds if a complaint comes this far.
Business secretary John Hutton said: "One single body, rather than three, means a stronger voice holding business and government to account."
The Department for Business Enterprise and Regulatory Reform is responsible for the new measures.
In addition, the government is also set to unveil plans to protect savers in banks and building societies for up to £50,000.
The Financial Services Authority was said to be entering discussions with the City about increasing the current protection limit of £35,000, given the uncertain economic climate.

Related News : General finance
	Citizens Advice welfare applauds government
	Confused.com energy defends British Gas
	Bank of Ireland passes stress test
	Tesco Mobile deal 'courts consumers'
	Scottish Widows Investment Partnership notes favourable response
	Customers should fix now, says moneysupermarket.com energy
	Confused.com highlights importance of getting the best deal
	Prices on the rise, says moneysupermarket.com energy
	Bank of Scotland economic report 'suggests transitional phase'
	Clydesdale and Yorkshire Banks security advice issued