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Financial regulations 'key in 2012'

The Financial Services Consumer Panel has called on the Government to ensure that 2012 truly is a golden year for Britons by improving financial services.

It has drawn up a list of priorities it thinks are essential for the financial services industry to build up trust and provide better value.

Among the aims are: a competitive retail banking market, with more customer-focused banks being encouraged to enter the industry and tackle inappropriate sales practices; a responsible mortgage market that provides good value and caters for customers; and reliable products that will help to restore confidence.

Adam Phillips, chair of the consumer panel, said: "There is a real opportunity next year to change the financial services market for the better.

"We urge the Government to use the opportunity created by the new Financial Services Bill to create gold medal class regulation which will rebuild trust and encourage the industry to provide better service and better value."

Copyright © Press Association 2011

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