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The FSA plans to create a new consumer protection committee tasked with "scanning" the market for emerging risks.
In conjunction with the financial ombudsman (FOS) and Office of Fair Trading (OFT), the committee will attempt to identify risks which could become "widespread problems".
The FSA says the work of the committee, set out in a discussion paper today, would update the 'wider implications' process to take pre-emptive action to stop risks spreading.
Currently, the wider implications process is often triggered after a problem has already taken its toll on the industry and consumers. The new committee would seek to rectify this shortcoming.
It will consist of specialists from the FSA, OFT and FOS, and improve their ability to respond quickly and decisively to any market threats.
Sheila Nicoll, director of conduct policy at the FSA, says: "Complaints handling is a priority area within the FSA's intensive supervision agenda.
"The co-ordination committee is a clear indication of the intention, and will, of the authorities to work even more closely together to improve the experience of consumers, and to avoid problems happening in the first place."
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and finally
20 years of regulation and they finally start looking ahead. It used to be said of accountants their only job at the end of the year was to count the dead and bayonet the wounded. I think FSA Lifted that mantle some time ago now...
Posted by: Simon Webster
Jobs for the boys
In a world on increasing unemployment it good to see the FSA creating more jobs for the boys - who probably have one anyway. For a organisation that couldn't see a financial crisis when it was already on top of them, why should we assume they are now able to become clairvoyant. They should stick to their specialty - retrospective management, that way we at least have the excitement of never knowing whether we have done right or wrong until it is too late.
Posted by: Glen McKeown
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About time
I am inclined to feel that these two organisations on the face of it are doing their in establishing this process but I have two questions, firstly why has it taken until now to establish such work and secondly are they even capable or willing to address a potential issue before they have to. After all they known about most of the current problems long before they hit the fan, or at least they were warned about them.
Posted by: Darrell Monteith