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Regulators 'need to do more' to prove they protect consumers - MSE News

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Regulators 'need to do more' to prove they protect consumers - MSE News

edited 30 November -1 at 1:00AM in Consumer Rights
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MSE_NaomiMSE_Naomi MSE Staff
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MSE Staff
edited 30 November -1 at 1:00AM in Consumer Rights
The spending watchdog has said that the regulators for financial services, energy, water and communications sectors are unable to prove they are offering enough protection for consumers...
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'Regulators 'need to do more' to prove they protect consumers'
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  • ConsumeristConsumerist Forumite
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    They seem mainly moribund to the point of being ineffective but the consumer is still paying their wages through their bills.

    By the time the regulators have round to actually doing something, the service providers have got their next dirty trick lined up for action. And the regulators seem incapable of expecting what consumers are expecting to happen in response to what little they do.

    The 'too little , too late' brigade, if you ask me.
    >:)Warning: In the kingdom of the blind, the one-eyed man is king.
  • boatmanboatman Forumite
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    The whole process of going through the ombudsman takes so long I'm sure many people just give up. The companies know this and many seem happy to fleece people knowing the vast majority won't take it to the ombudsman. The regulator perhaps needs to put an immediate charge of £100 for example against a company until the situation is resolved, it may encourage them in their thinking..
  • MothballsWalletMothballsWallet Forumite
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    boatman wrote: »
    The whole process of going through the ombudsman takes so long I'm sure many people just give up. The companies know this and many seem happy to fleece people knowing the vast majority won't take it to the ombudsman. The regulator perhaps needs to put an immediate charge of £100 for example against a company until the situation is resolved, it may encourage them in their thinking..
    I'd go further and make the immediate charge 10% of the company's CEO's salary - it'd certainly wake the CEO up if they start to lose money - and make it a non-refundable charge.
    Always ask yourself one question: What would Gibbs do?

    I live in the UK City of Culture 2021
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