The Financial Services Consumer Panel has come out and voiced its concerns regarding the Coalition Government proposals to reform the financial regulatory system.

The plans, discussed earlier in the week, involve the winding down of the Financial Services Authority (FSA) and its eventual replacement in 2012 by a three-body regulator.

But speaking at the FSA’s annual meeting, Adam Phillips, chair of the Consumer Panel, said: “the new system of regulation must learn from the successes and failures of the FSA and commit itself to implementing changes that will protect consumers”.

Ultimately, despite the closing of doors and bolting of horses, the FSA has had a strong year which has seen many organisations punished for infractions. Mr Phillips went on to say: “We hope that the decision to reform the regulatory structure will not lead to the deferment of changes which will bring significant benefits to consumers.” Amen to that.

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