British Financial Services Consumer Panel launches four pillars to enhance consumer protection

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:

1. There must be universal and real access to the financial services consumers need.
2. Financial services must offer value to the customer; charges and costs must be fair, transparent and proportionate.
3. Consumers must have practical access to binding redress, no matter where they are located.
4. 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