23 January 2007

The Financial Services Authority (FSA) has been designated as one of the UK's competent authorities under the EC Consumer Protection Co-operation (CPC) Regulation which came into effect on 8 January 2007. The CPC Regulation enables competent authorities across the EU to share information and take action against those sellers or suppliers who commit breaches of certain European Commission consumer protection laws across EU borders.

Under the CPC Regulation, the FSA can be requested to provide information to other EU competent authorities and where necessary take action in respect of the regulated activities of authorised firms in relation to the following directives:

  • E-Commerce;
  • Distance Marketing of Consumer Financial Services;
  • Unfair Terms in Consumer Contracts; and
  • Comparative and Misleading Advertising.

The FSA could also be required to take action in respect of breaches or alleged breaches by UK firms concerning 'specified contracts' (as defined in Regulation 17(2) of the Financial Services (Distance Marketing) Regulations 2004)

The CPC regulation was adopted by the European Commission on 18 July 2003. More information on the CPC regulation can be found on the Department of Trade and Industry website www.dti.gov.uk.