The FCA has reappointed Sue Lewis to chair of the Financial Services Consumer Panel.
The Consumer Panel sits alongside the Practitioner Panel, the Smaller Business Practitioner Panel and Markets Practitioner Panel to represent the financial services market and challenge the FCA and provide independent views.
The Consumer Panel has been vocal on issues, such as pensions guidance, including a warning that providers are diverting consumers to their in-house services and away from Pension Wise.
It has also questioned the existence of an advice gap, hit out at “unacceptable” fund management costs and described the debate around a long-stop as a “red herring”.
The Consumer Panel is part of the working group devising the next steps for the Financial Advice Market Review.
Prior to joining the Consumer Panel, Lewis worked in a number of roles across the civil service, including as head of savings and investments at the Treasury.
Lewis says: “The need for a strong, independent, consumer voice has never been greater. I am pleased to have the opportunity to carry on leading the panel’s work.
“[New FCA chief executive] Andrew Bailey faces a tough task maintaining the FCA’s consumer focus in light of the turmoil caused by the outcome of the EU referendum. Those who appear to have forgotten the financial crisis will put him under a lot of pressure to make regulation more ‘industry friendly’.
“The panel is a strong team, with wide ranging expertise. We will do all we can to support Andrew and his colleagues to make financial services markets work well for individual and small business consumers.”
FCA chairman John Griffith-Jones says: “I am pleased to be able to reappoint Sue as Consumer Panel chair. Her passion for consumer issues and hard work over the past three years meant she was the natural choice to continue in the role.”