The FCA has published a letter from Martin Wheatley, FCA Chief Executive, to Peter Vicary-Smith, Which? Group Chief Executive, along with a related press release. Mr Wheatley’s letter covers the following two areas of concern:

  • the Consumer Rights Directive. The fact that financial services firms’ customers are being charged a premium rate when they call firms for help and advice is something that the FCA and Which? both agree needs looking into. In light of this, the FCA will consult on proposals to cap the cost to that of a basic rate call, later in 2014; and
  • the FCA market study on cash savings products. Mr Wheatley says he is keen to continue to work together with Which? on randomised controlled trials in an effort to ensure that such techniques are used as effectively as possible in order to help trial innovative ways of developing disclosures that better engage consumers.

View FCA’s letter to Which? on cash savings and consumer rights directive, 13 February 2013

View Financial Conduct Authority says time to end premium calls for consumers, 14 April 2014