The Financial Services Authority (FSA) has announced that it has adopted a two-pronged approach to achieving its consumer protection and consumer awareness objectives.
This is set to include setting, monitoring and enforcing standards for businesses and providing education, information and advice for consumers, the group said in a statement.
Although the FSA admitted that it had no power to impose responsibilities on consumers, it was legally required to consider the general principle that customers should take responsibility for their decisions when setting its consumer protection agenda.
Dan Waters, FSA director of retail policy and conduct risk, explained: "Responsible and well managed firms that treat their customers fairly are crucial. Indeed, to this end, the FSA is strengthening its supervision of firms through the Supervision Enhancement Programme and its Enhanced Strategy for Small Firms."
Meanwhile, new figures by market research group GfK NOP have revealed that consumer confidence in the UK increased this month.
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