FSCP urges Budget focus on mortgages and later life products

Chancellor George Osborne should focus on fixing mortgages, banking and the later life market, the Financial Services Consumer Panel (FSCP) says.

It has issued a plan for the industry ahead of Osborne's Mansion House speech tonight, in which he is expected to announce a massive regulatory shake-up.

The proposals highlight what the panel sees as the ten priorities for the future of financial services.

Top five in the list are: offer straightforward products which "do what they say on the tin"; treat customers fairly; relevant and unbiased advice; responsible lending in the mortgage market and better banking.

Dependable later life products, intelligent regulation, making firms play by the rules, pursuing effective redress and offering timely and appropriate compensation are also in the panel's sights.

Six of the points are aimed at achieving outcomes for consumers from the industry, while the remaining four are targeted at regulators.

Consumer Panel chair Adam Phillips says: "We welcome the Chancellor's wish to improve financial services. However, it is vital that the successes of the FSA are built upon and that we learn from its mistakes.

"Specifically, we want to see responsible lending in the mortgage market, better banking and dependable later life products."

The panel says it wants to see "intelligent regulation", with poorly performing firms made to play by the rules, efficient redress for customers and timely and appropriate compensation.