Consumers must be at the heart of retail banking regulation

As the Financial Services Authority (FSA) publishes its consultation paper proposing a new framework to regulate the way that banks treat their customers, Which? personal finance campaigns manager, Doug Taylor, says: "This is a chance for the FSA to rebuild consumer trust in the banking sector. It must ensure a fair and robust regulatory regime that improves consumer protection in their everyday dealings with banks.

"Although the Banking Code has its flaws, it does at least provide clarity over some areas of consumer rights. We are concerned that this clarity would be lost unless consumers are involved in future regulatory framework."