FCA will spurn consumer body call to rate firms - lawyer

Carmen Reichman
clock

The regulator is likely to shrug off calls from the Financial Services Consumer Panel (FSCP) to create a quality rating for firms, on the grounds it does not have the resources to take on the burden, a law firm has said.

The panel wants the Financial Conduct Authority (FCA) to give firms a 'star rating', arguing regulatory fines had virtually no impact on whether or not consumers do business with a company. But Robbie Constance, regulatory lawyer at RPC,  said the FCA is unlikely to agree to a measure that could prove a "huge burden" if done properly. The FSCP wants a firm's regulatory history, service level data and consumer feedback combined into one simple rating to allow consumers to shop around and "shun miscreant firms". Heavier fines and penalties resulting from a tougher enforcement regime ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA urged to 'think again' on targeted support annuity rules

FCA urged to 'think again' on targeted support annuity rules

Regulator’s MoneyHelper signpost criticised as a ‘real limit’

Isabel Baxter
clock 03 September 2025 • 2 min read
FCA continues data reporting cuts

FCA continues data reporting cuts

Regulator removes more data returns

Isabel Baxter
clock 28 August 2025 • 1 min read
Regulatory and employment-related changes – what do firms need to prepare for?

Regulatory and employment-related changes – what do firms need to prepare for?

‘Getting these issues right is not just about avoiding regulatory action or tribunal claims’

Sophie White
clock 21 August 2025 • 4 min read