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Tory party to set up a new consumer champion

As part of the Tory party's wide-ranging restructuring of the UK financial sector a new consumer champion will be set up to protect the rights of consumers in the UK. The move has been well received in the markets as has the wider issue of stripping all power from the FSA (Financial Services Authority) and reverting to the pre-1997 system which saw the Bank of England the main regulator of the UK financial markets.

While the move has received widespread applause, the Labour Party has once again reiterated its view that the Conservative cabinet lack the experience and knowledge to push through any of the changes they are suggesting. However, the introduction of a Barrack Obama style Consumer Protection Agency, which would allow the suitability of products to be tested by a third-party website, offers a significant change in the UK set up as it is today.

The move also put Gordon Brown in a potentially difficult situation because he would be loath to criticise a system which the American government has taken on board while obviously he would like to play down David Cameron's role in the future. It will be interesting to see how the situation pans out in the short to medium term as there are obviously very different battle lines being drawn up by the various UK political parties.

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