FSCP chairman resigns after six months

by Gill Montia

Story link: FSCP chairman resigns after six months

The chairman of the Financial Services Consumer Panel (FSCP), Lord Lipsey, has resigned six months after his appointment.

The FSCP advises the Financial Services Authority (FSA) on consumer issues and the resignation is the outcome of a difference of opinion with the FSA.

Speaking on BBC Radio 4’s Money Box programme this weekend, Lord Lipsey explained that he had applied for the post because it was understood that the role of the FSCP would be expanded.

However, the FSA proved unwilling to fund the addition resources needed.

According to Lord Lipsey, the expanded role would have helped restore consumer confidence in the financial sector and as such could have played an important part in the recovery from the credit crisis.

Currently the FSCP can only advise the FSA on whether its actions are in the best interests of consumers and Lord Lipsey had hoped to transform the panel into a consumer lobby group that could focus entirely on the financial sector.

Lord Lipsey is best known for his work as a journalist but also has wide experience as a regulator, serving with the Personal Investment Authority and the Advertising Standards Authority.