David Miles’s decision to step down from the Financial Services Authority board later this month offers a golden opportunity for the watchdog to appoint a consumer representative to the vacant position, according to Which? campaigners.
As we reported earlier this month, a Which? campaign to give consumers more say on how the Financial Services Authority is run has now received the support of nearly 80 MPs.
Which? says: Help us put consumers at the heart of the FSA
The FSA – the body which regulates the banks – is made up almost entirely of people with a financial services industry background, seriously undermining its ability to put ordinary consumers’ needs first.
Particularly since the taxpayer bailed out the failing banks, it’s essential that consumer interests are at the heart of any decisions made on financial regulation issues. David Miles’s decision to step down from the FSA board before the end of his term gives the FSA an ideal opportunity to prove it is serious about the consumer’s needs by replacing Mr Miles with a consumer representative.
Encourage your MP to sign up this week
Which? is calling on the FSA to redress this lack of consumer voice as a matter of urgency, and an Early Day Motion (EDM) has been tabled in Parliament backing this call.
Mark Lazarowicz, MP for Edinburgh North and Leith, called for the FSA ‘to promote and represent the interests of ordinary consumers’ in his Early Day Motion tabled in Parliament on 17 June. The parliamentary motion also highlighted ‘the importance in the current economic climate of ensuring that the right decisions are taken on issues relating to financial regulation including reward’.
Mr Lazarowicz also urged the financial regulator to ‘ensure that suitable consumer representation is reflected on the board as a matter of urgency’.
The more MPs that sign up, the more pressure Which? can put on the FSA to take action. If you want to encourage your MP to sign, visit https://www.which.co.uk/bankingaction and contact them with our quick MP-finder and template message. But do it quickly before Parliament breaks for the summer on Friday 17th July.
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