On World Consumer Rights Day the British Financial Services Consumer Panel launched its four pillars of consumer protection. The objective of the framework is to enable a more effective assessment of EU legislation, standards and supervision.
The four pillars consists of:
- There must be universal and real access to the financial services consumers need.
- Financial services must offer value to the customer; charges and costs must be fair, transparent and proportionate.
- Consumers must have practical access to binding redress, no matter where they are located.
- Policing of the financial services landscape must also be effective with tough enforcement and appropriate penalties.
Consumer Panel Chair, Adam Phillips, explained: "We envisage our four pillars of consumer protection stimulating a debate on consistent thinking on consumer protection across the EU. We would urge legislators and regulators to test everything they do against these four principles."
Further information: www.fs-cp.org.uk/newsroom/2013/230.shtml
Source: Financial Services Consumer Panel