Watchdogs ‘need to prove they protect consumers’ says National Audit Office
Industry News | 20/03/19
Four major UK regulators need to do more to prove they are offering enough protection to those who need it, spending watchdog the NAO has said. Ofwat, Ofgem, Ofcom and the FCA understand the “significant difficulties” facing consumers.But they can’t prove they are effectively responding to them, the National Audit Office (NAO) said.The most common problem facing consumers in these sectors was how to handle debt, the NAO added.
The watchdog recommended that regulators do more to measure their performance “so that they can understand what is working well for consumers and what isn’t”.
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