FSCP urges FSA consumer role

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The Financial Services Consumer Panel (FSCP) yesterday urged the Financial Services Authority (FSA) and the government to focus on regulation for consumers and the supervision of wholesale markets. In its response to FSA chairman Lord Adair Turner’s report on the future of regulation, the FSCP said the City watchdog should be given responsibility for issues such as consumer credit, currently in the hands of the Office of Fair Trading (OFT). Adam Phillips, acting chairman of the FSCP, said: “We believe the FSA is better placed to put an end to firms lending irresponsibly and encouraging excessive debt.”