18 October 2010
FSA gains new consumer discrimination powers
Cases of consumer discrimination in the UK may be limited after the Financial Services Authority (FSA) was granted new powers over the deliverance of speedy redress for people with grievances due to unscrupulous firms.
FSA investigations into this area concluded that it currently does not have sufficient jurisdiction in order to protect consumers against companies that have not followed the rules laid down in the fiscal sector by the regulatory body, which was originally empowered under the Financial Services and Markets Act 2000.
And under the terms of the new Financial Services Act 2010 - which was revealed in April of this year - the FSA can now make new rules in relation to instances such as when there is "evidence of widespread or regular failings that have caused consumer detriment".
Sally Dewar, managing director of risk at the FSA, remarked that this "important tool" will be used to make sure "consumers are fairly treated".
Posted by Daniel Stevens
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