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Transparency as a Regualtory tool RBS consultation response to OFT - Legal Beagles
FSA's four objectives (for info)
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Financial Services Consumer Panel consultation response - Legal Beagles
August 2008
National Consumer Councils Response (apologies for poor quality) = Legal Beagles
Disclosures of this type would be open to misinterpretation and media distortion and risk jeopordising the consumer benefit that could follow from some of the other initiatives that you plan to pursue.
It should further be pointed out that the interpretation of statistical information is a complex science where considerable skill and experience is required to deaw valid inferences from available data. the risk of inappropriate conclusions being derive, either by individual consumers or the media, from published data could seriously hinder and not support the attainment of two of the FSA's four statutory objectives, namely;
1) maintaining confidence in the financial system
2) promoting public understanding of the financial system.
1) maintaining confidence in the financial system
2) promoting public understanding of the financial system.
- market confidence: maintaining confidence in the financial system;
- public awareness: promoting public understanding of the financial system;
- consumer protection: securing the appropriate degree of protection for consumers; and
- the reduction of financial crime: reducing the extent to which it is possible for a business to be used for a purpose connected with financial crime.
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Financial Services Consumer Panel consultation response - Legal Beagles
Consumers have a wide range of capabilities and there are no reasonable grounds, in our view, for depriving knowledgeable consumers of useful information because of a risk that the less knowledgeable may be misled. Moreover, there are many commentators and journalists who can and do use information to help consumers make better decisions.
National Consumer Councils Response (apologies for poor quality) = Legal Beagles
. The FSA may want to impose some conditions on
the publication of this information to avoid the risk of misinterpretation; however we encourage it to keep this to a minimum in order to allow these communications experts to provide information to their readers in a user-friendly format.
the publication of this information to avoid the risk of misinterpretation; however we encourage it to keep this to a minimum in order to allow these communications experts to provide information to their readers in a user-friendly format.
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