FINWIRE®

Turner Review must not unbalance FSA

March 24th, 2009

In response to the publication of the Turner Review by the FSA, Adam Phillips, the FSCP’s Acting Chairman said:

“Adair Turner should be congratulated for his candid assessment of what went wrong leading up to the current financial crisis. However, we are concerned that the Turner Review, for all its revealing content and excellent analysis, has not commented on the appalling way which banks have treated their customers both before and during the banking crisis. The review suggests that the FSA has been biased towards conduct of business rather than prudential regulation of banks. However recent history in terms of bank charges, the selling of PPI and mortgages shows that the FSA cannot be allowed to think it has the regulation of the consumer facing side of financial services under control.

We look forward to engaging in the debate on the Turner Review. We will be looking closely at how the proposals impact on consumers and deliver demonstrably better outcomes for them.”

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