The Panel said it believes the FCA has the powers needed to introduce an era of more effective regulation as its operational objectives give it a strong consumer protection mandate.
The Consumer Panel said it is expecting a renewed and meaningful focus by the FCA on ensuring the industry treats its customers fairly.
Consumer Panel chair Adam Phillips said: “It has taken three years to translate the Government’s ideas on regulatory reform into the reality of the new FCA.
“With its enhanced consumer protection mandate we expect the FCA to build on the FSA’s recent work and introduce an era of effective consumer protection.
“We have already been encouraged by Martin Wheatley’s bold statements and the new organisation’s commitment to taking a more forthright approach to regulation.”
It also said it expects higher penalties to remove firms' incentive to engage in practices damaging to consumers and to act as a clear deterrent to firms who may decide to copy them
The panel added that it expects a vigorous deployment of analytical resources, rule-making and enforcement powers to promote effective competition and a commitment to making sure everyone can get access to the financial services they need.
Phillips said: “Financial services are an essential part of modern life. Experience has shown that robust regulation is needed to ensure consumers get a fair deal.
“The FCA has the powers to make a real difference to consumer protection and the Panel will be watching its progress closely and urging it to ensure consumers get a financial services industry that acts in their best interests.”
