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

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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  • Consumerist
    Consumerist Posts: 6,310 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.
  • boatman
    boatman Posts: 4,699 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..
  • MothballsWallet
    MothballsWallet Posts: 15,852 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.
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