Financial services and consumers

The Government believes that informed, empowered consumers are key to a competitive and fair market place, and competition and choice are central to responsive and well functioning markets.

Update on the OFT review of personalised current account charges
Update on review of credit cards

A number of reforms are already underway which aim to empower consumers and ensure better standards. The Financial Services Bill introduces:

new powers for the FSA to require banks to make redress where there has been mis-selling or a legal or regulatory breach;
new procedures for consumers to take group action through the courts;
a ban on credit card cheques; and
powers which enable the Financial Service Compensation Scheme (FSCS) to act on behalf of other compensation schemes, ensuring rapid payment to consumers affected by the failure of a foreign bank.

Financial services and consumers

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