Milo is named Watchdog not Lapdog winnerStrong, open and proactive banking watchdog
02 March 2012
Milo has beaten his four competitors to be chosen as the face of the Watchdog not Lapdog campaign. More than 1,500 dog lovers took part in the public vote after we whittled 200 dog photos down to our top five.
Which? is calling for the new Financial Conduct Authority (FCA) to be a real consumer watchdog. Our quest to find a fitting dog supports our belief that consumers need a watchdog, not a lapdog, to ensure their money and financial interests are protected.
Which? head of campaigns, Louise Hanson, said: 'We're really happy to announce Milo as the winner of our competition. He's a strong and brave guard dog, making him the ideal face of the Watchdog not Lapdog campaign.'
She added: 'People have told us they want a financial regulator that stands up to banks and fights on their behalf, and that's what we're campaigning for. We want the government to create a new watchdog that puts consumer interests at the heart of everything it does.'
Milo's owner said: 'I am incredibly proud of Milo winning the competition to be the face of the Which? Watchdog not Lapdog campaign to regulate the banks. He can walk the walk, talk the talk, is courageous, curious and very competent.'
Earlier this week, the Financial Ombudsman Services (FOS) confirmed it received 106,193 complaints in 2011 alone.
The Ombudsman revealed that nearly half of the 100,000 complaints it received in the past six months related to payment protection insurance (PPI).
Commenting on these figures, Which? chief executive, Peter Vicary-Smith, said: 'This is exactly why we need the Financial Services Bill to create a strong, open and proactive watchdog which not only makes sure that people get proper redress when products are mis-sold, but that would ban dodgy financial products before they cause problems.'
Financial Services Bill
In January 2012, the Financial Services Bill was laid before Parliament. This Bill will recast how the financial services industry is regulated.
The Bill will split the Financial Services Authority (FSA) into the Prudential Regulation Authority (PRA) and the Financial Conduct Authority. The FCA will be responsible for protecting consumers.
No pandering to the banks
Our key ask of the Financial Services Bill is that it creates a watchdog that looks out for consumers rather than a lapdog that panders to the banks. The Bill can do this by:
- creating a strong regulator that stands up to the banks and promotes competition
- producing an open regulator that tells consumers what it does
- prescribing a proactive approach to address issues before they become problems.
- Pledge your support for a strong, open and proactive watchdog
- Join the watchdog debate on Which? Conversation
- Explore our gallery of potential watchdogs