“This is a once in a generation opportunity to reform our financial regulation and it is vital we get it right,” she said. “Consumers have been losing out for too long.
“It is important that the Bill ensures that all of the regulatory bodies are clear on their responsibilities and powers from the offset.
“Particularly welcome steps include early interventions on banning products. This should help stop many of the issues which have been endemic in this market in recent years.
“Transferring responsibility for credit over to the Financial Conduct Authority is also a good common sense move.
“The clarity of the FCA objectives on promoting competition is significant. Competition is not an end in itself, it must deliver benefits for consumers.
“The detail in the Bill gives some hope that this has been recognised and the new regime will work towards promoting effective competition to make sure consumers get a better deal.”
