.jpg)
The Financial Services Authority (FSA) today announced that Adam Phillips has been appointed chairman of the Financial Services Consumer Panel. He has been vice chairman of the Panel since 2005 and acting chairman since December 2008.
Adam Phillips said:
"At a time when financial services regulation is under the spotlight, I am delighted to take on the leadership of the Consumer Panel in its vital role of constructively challenging the FSA on its regulatory policies."
FSA chairman Adair Turner said:
"The Consumer Panel has a valuable role to play in ensuring that the FSA takes the consumer interest into account. We are very pleased that Adam has agreed to bring his experience to this important role."
Background
- Adam Phillips has wide experience of consideration of regulation from the consumer perspective, having served on the Press Complaints Commission and the Council of ESOMAR (the world association of market research professionals). Adam’s background is in market research, and he now runs his own market research consultancy, Real Research, and also chairs ESOMAR's Professional Standards Committee.
- The Financial Services Consumer Panel is established according to the Financial Services and Markets Act 2000, to represent the interests of consumers and is independent of the FSA in its views. The FSA Board appoints Panel members, with the Treasury’s approval in the case of the chairman.
- The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; securing the appropriate degree of protection for consumers; and fighting financial crime.
- The FSA aims to promote efficient, orderly and fair markets, help retail consumers achieve a fair deal and improve its business capability and effectiveness.
