FSA must show its teeth to protect consumers, warns Which?

As the Financial Services Authority (FSA) publishes Lord Turner's report on financial regulation, Which? chief executive, Peter Vicary-Smith, says: "Protecting consumers from rogue firms must be a priority if the FSA wants to rebuild public confidence in the financial services industry. The FSA must show it has real teeth by hitting companies with bigger fines and naming and shaming offenders.

"In terms of credit availability, we have gone from feast to famine. We welcome proposals designed to avoid a repeat of the current crisis but it is important that credit remains accessible to creditworthy individuals.

"If mortgages are to be capped, we must ensure that any restrictions don't shut consumers out of the market so that they can't re-mortgage and are stuck with their current provider."