Martin Wheatley has been named as chief executive of the Consumer Protection and Markets Authority (CPMA), one of the new regulatory bodies that will be formed by the splitting up of the Financial Services Authority (FSA).
Which? chief executive, Peter Vicary-Smith, commented: ‘Consumers need a strong, proactive regulator which is prepared to stand up for their interests and actively promote competition, so that there are stronger incentives to treat customers fairly and offer good value for money. The ultimate purpose of regulation is to ensure that markets work well for consumers.
‘Martin Wheatley brings a detailed knowledge and experience of the regulation of financial markets. As the Chair and further board members are appointed it will be important for the government to include a proper balance of members with experience and knowledge of consumer issues.’
Changes Which? wants to see in the CPMA
Which? has identified a series of changes it would like to see in the approach and policies of the Consumer Protection and Markets Authority:
- The objective should be to ensure a fair, transparent and competitive market in financial services with a particular focus on protecting consumers and ensuring market integrity
- A primary duty to promote effective competition and ensure that competition works to provide benefits to consumers
- A more diverse board including more individuals with experience and knowledge of consumer issues
- Greater accountability
- Increased regulatory transparency
- Higher fines that are a genuine deterrent
- Product regulation
- Powers to tackle unfair charges
- Effective redress
For more details of changes Which? wants to see in the personal finance sector, read our news story FSA must tackle problems at heart of the industry.
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