Financial services industry supports

The workshop, attended by more than 100 industry and consumer representatives and the media, discussed all aspects of the proposals for "league tables".

Phillip Thorpe, FSA Managing Director responsible for Consumer Relations, has welcomed the constructive approach shown by delegates. He said:

"Todays workshop was a very useful part of our consultation process. We started with the presumption that if consumers cant compare simply and easily the products offered by different financial service providers they will have trouble making sensible and informed choices.

"We are delighted that there is a clear consensus amongst industry and consumer groups that comparative information can bridge that gap and produce a healthier, more efficient, market."

Richard Hobbs, Head of Life Insurance at the Association of British Insurers, said:

"It is important that the industry gets behind this consultation which will support efficient working of the marketplace. League Tables should help consumer confidence. Thats good for consumers, industry and the Government."

Paul Smee, Director General of the Association of Independent Financial Advisors, said:

"Comparative Information Tables will succeed if they lead to more productive discussions between advisors and clients the job of the Independent Financial Advisor is to strip away the jargon and help the investor come to a well-informed decision."

Representatives of banks, building societies and industry financial advisers and commercial providers of financial information attended the workshop which was held in central London. Consumer interests were also represented.

Phil Telford of the Consumers Association said:

"The Consumers Association welcomes this FSA initiative. There is a real absence of comparable data. There is a huge chasm between the best and worst products."

Colin Brown, a member of the Financial Services Consumer Panel, said:

"Objective comparable information is the bedrock of consumer choice."

Andreas Whittam Smith, founder of the Independent newspaper, said:

"After 35 years of confusion for consumers this represents a watershed. This is the best thing Ive heard about in this area really ever. Its a turning point for the consumer and should be extended to all financial products."

There was clear recognition from the majority of those who spoke that comparative information is in the best interests of both the industry and of consumers.

Consultation on the FSAs proposals ends on 14 January.

Notes for editors

The FSA Public Workshop on Comparative Information for Financial Services was held on 29 November in central London.

The FSAs Consultation Paper Comparative Information Services for Financial Services (CP28) was published on 4 October. Consultation continues until 14 January and the FSA intends to respond to the consultation by the end of March 2000.

The FSA is also publishing a Consumer Factsheet to facilitate consumer feedback and debate. Free copies are available from the FSA leafletline 0800 917 3311.