Retail Financial Services Forum
Introduction
The Retail Financial Services Forum (RFSF) was created in 2008 with the goal of championing retail consumers’ interests and helping to restore confidence in financial services. It includes representatives from the financial services industry, consumer groups, regulators and Government. It meets every two months. It is chaired by the Exchequer Secretary to the Treasury, Sarah McCarthy-Fry.
At Budget 2009, the Treasury asked the RFSF to oversee the development and implementation of some of the consumer-focused measures in ‘Reforming Financial Markets’, July 2009. The RFSF has examined and advised on the improvements to the wider implications process, review of the money guidance pathfinder and a new simple, transparent products regime.
The overall aim of the RFSF is to help ensure that retail financial services work in the interests of consumers, the economy and society. The RFSF seeks to improve consumers’ confidence and trust in financial services by identifying and promoting action on the part of the industry, Government and the regulators.
The Forum seeks to identify and promote action by:
- Gathering, reviewing and analysing insight and evidence on consumer confidence and trust in retail financial services;
- Identifying and sharing good practice and innovation which supports consumer interests, and encouraging their wider take-up;
- Providing updates on relevant issues and initiatives;
- Identifying, reviewing and developing responses to emerging issues;
- Reviewing research; and
- Inputting to policy making and advising Government, FSA, OFT and industry bodies on consumer issues.
Discussion paper
On 23 March 2010 the Retail Financial Services Forum published a paper on simple, transparent products. This paper summarises the Forum’s discussions on simple transparent products to date.
Comments and further evidence are welcome and should be submitted to rfsfsecretariat@hmtreasury.gsi.gov.uk by 30 April.
Membership
Current members of the Retail Financial Services Forum (at 17.03.10)
- Graham Beale, Chief Executive, Nationwide
- Jason Britton, Chief Investment Officer, T Bailey Fund Managers
- Rob Devey, CEO, Prudential UK & Europe
- Daniel Godfrey, Director of Corporate Communications, Pearl Group
- David Hickey, Chair, Lighthouse Group
- Robert Higginbotham, President, Fidelity Europe
- Malcolm Hurlston, Chair, Foundation for Credit Counselling
- Mark Lyonette, Chief Executive, ABCUL
- Les Matheson, Managing Director Retail Products, RBS Retail Banking
- Jonathan May, Executive Director of Policy and Strategy, OFT
- Sheila Nicoll, Director of Conduct Policy, FSA
- Deanna Oppenheimer, CEO, Barclays Retail Banking
- Teresa Perchard, Public Policy Director, Citizens Advice
- Adam Phillips, Chair, FSA Consumer Panel
- Brian Pomeroy, Chair, Financial Inclusion Taskforce
- Ian Sayers, Director General, AIC
- David Stewart, CEO, Coventry Building Society
- David Thomas, Interim Chief Ombudsman, Financial Ombudsman Service
- Otto Thoresen, Chief Executive, AEGON UK
- Jane Vass, Financial Services Policy Advisor, Age Concern
- Peter Vicary-Smith, Chief Executive, Which?
- Linda Weatherhead, Principal Policy Advocate, Consumer Focus
For more information please contact Joanna Bibby-Scullion, Secretariat to the Retail Financial Services Forum, on RFSFsecretariat@hmtreasury.gsi.gov.uk
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