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Which? financial watchdog victory

Consumers to be represented on FSA board

Houses of Parliament

Alistair Darling has announced the appointment of consumer-friendly members to the board of the Financial Services Authority. The Chancellor of the Exchequer’s move has been welcomed by Which? and follows relentless campaigning for greater consumer representation at the City regulator’s head table. 

The Chancellor revealed that former Which? policy adviser Mick McAteer and Brian Pomeroy, chair of the Financial Inclusion Task Force, are among four new representatives to take their seats on the Financial Services Authority (FSA) board. 

Chancellor’s announcement

Commenting on the new appointments, Alistair Darling said: ‘I am very pleased to announce the appointment of these new members to the FSA Board. Their mix of capabilities and backgrounds will make a valuable contribution to the work of the FSA.’

Which? welcomes the FSA appointments

Which? CEO Peter Vicary-Smith welcomed the Treasury’s announcement, saying:  ‘For too long, regulation of financial services has been left almost exclusively in the hands of people with an industry background. We urgently need a culture change on the FSA Board so that challenge to the industry line is voiced at the highest level.

‘We welcome these new appointments, which will help to inject fresh perspective into the FSA’s decision-making and will hopefully herald the step change in financial regulation for which we have been campaigning so vigorously.’

Which? had campaigned strongly for consumer representatives on the Financial Services Authority Board, including backing an early day motion tabled by Mark Lazarowicz, MP for Leith and Edinburgh North. Throughout this campaign representation was made to the highest levels of government, including the Prime Minister’s office. 

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