Consumer Panel appoints new chairman

Adam Phillips has been promoted from vice chairman to chairman of the Financial Services Consumer Panel.

He has served in the vice chairman’s role since 2005 and acting chairman since December 2008.

Phillips has wide experience of regulation from the consumer perspective, having served on the Press Complaints Commission and the Council of ESOMAR (the world association of market research professionals).

He also runs his own market research consultancy, Real Research, and chairs ESOMAR's Professional Standards Committee.

Phillips comments: “At a time when financial services regulation is under the spotlight, I am delighted to take on the leadership of the Consumer Panel in its vital role of constructively challenging the FSA on its regulatory policies.”

FSA chairman Adair Turner adds: “The Consumer Panel has a valuable role to play in ensuring that the FSA takes the consumer interest into account.  We are very pleased that Adam has agreed to bring his experience to this important role.”

The Financial Services Consumer Panel was established according to the Financial Services and Markets Act 2000 to represent the interests of consumers and is independent of the FSA in its views. 

The FSA Board appoints Panel members while the Treasury’s approval is needed in the case of the chairman.