The All Party Parliamentary Group on Personal Banking and Fairer Financial Services has launched a public consultation to enable people to share their opinion about the Financial Conduct Authority (FCA).
In an update on its website, the group revealed it is gathering evidence on what people think about the FCA to better understand whether the financial regulators “…have not delivered, or are not delivering, excellence and appropriate consumer protection.”
The MPs have developed six sets of questions, designed to fit a particular context depending on the individual’s circumstances covering scam victims, victims of bank misconduct towards SMEs, mortgage prisoners, financial services whistleblowers and other stakeholders.
While the group added it may also consider running a similar exercise about other financial regulators in due course, the consultation is limited to seeking views on just the FCA for now.
The MPs described their call for evidence as a “positive, progressive and purposeful” initiative, with an overall objective of improving understanding of how the FCA is perceived.
But they added that should the consultation uncover problem areas, these could be looked into further with a view to developing evidence-based recommendations in response to these problem areas.
Health & Protection has contacted the FCA for its response.