Regulator ‘utterly failed’ the public

THE Financial Regulator “utterly failed” to protect the public from a raft of economic crisis-related scandals last year which heaped further pain onto the public, a leading group has warned.

A review of the watchdog’s performance has heavily criticised its ability to supervise the financial sector, resulting in a series of personal dramas for people.

The 2009 annual report of the Financial Services Consultative Consumer Panel (FSCCP) has warned that members of the public were caused undue hardship last year because of a failure to reform existing debt collection laws.