The Financial Services Authority (FSA) is doing a good job looking after consumers' interests….according to just 7% of consumers.
The Association of British Insurers' (ABI) survey of over 3,700 members of the public, found that 46% have little faith in the FSA and believe the regulator is not doing a good enough job.
The ABI has called for the Financial Conduct Authority (FCA), the FSA's successor, to make an effort to engage with consumers.
"FCA regulation needs to reflect and understand the diversity of needs within the whole society that it serves," a spokesperson from the ABI said.
"It should invest in innovative research, involvement and outreach activities to ensure that it has a rounded understanding of the expectations, behaviour and experience of different groups of consumers."
The FCA will replace the FSA as part of the Regulatory Reform due to take effect next April.
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