The Financial Services Authority is holding its first regional roadshow in Cambridge UK in a bid to rebuild the trust of a disillusioned public.
Pernicious mis-selling has undermined confidence and a leading FSA figure says the industry’s record over the last 20 years hasn’t been good enough.
It has invited bank customers, investors and financial advisers in the Cambridge area to an historic regional roadshow at St John’s College on Tuesday July 19. The main objective is to find out what customers and local firms need from a new financial services regulator.
Chris Pond, the FSA’s head of consumer affairs, will host the bridge-building exercise.
He said: “This is a great opportunity to make a fresh start and, starting with the people of Cambridge, we want the public’s help shaping the future.
“Confidence in the financial services sector as a whole is at a low level. The industry’s record over the past 20 years hasn’t been good enough. Consumers have been let down with widespread mis-selling – leading to £15bn in compensation payments since 1990.
“A perfect example of this is the unsuitable selling and poor complaints-handling of payment protection insurance. The new FCA is aiming to be tougher and bolder, and its main aim should be to protect consumers, whether they are a first-time buyer or an experienced investor.”
The FSA is running a morning session from 9.30-11.30am and an afternoon session from 2-4pm discussing the new organisation. Also Pond will lead a conversation with consumers and their groups over lunch about their experiences and what they would like to see going forward.
• Photograph shows the FSA’s head of consumer affairs, Chris Pond