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Consumer panel's Lewis joins research agency board

Consumer panel's Lewis joins research agency board

The former chairwoman of the regulator's Financial Services Consumer Panel has joined the consumer board of research and ratings agency Fairer Finance. 

Sue Lewis has become the fifth member of the consumer advisory panel at Fairer Finance, the agency which provides free guidance and research on financial products and services to consumers, and works on a consultancy basis with companies to improve fairness in the financial services market. 

Ms Lewis previously chaired the Financial Services Consumer Panel, leaving the position at the end of last year after five and a half years in the role. 

She is also a trustee at workplace scheme the People’s Pension, StepChange debt charity, charity the FairBanking Foundation and Surviving Economic Abuse.

Fairer Finance created its advisory board in 2015 as a means to avoid conflicts of interest in its work towards a fairer financial landscape for consumers.

The board meets twice a year, publishing an annual report and scrutinising the company's commercial contracts, ratings and commentary. 

James Daley, managing director of Fairer Finance, said: "We're lucky to have some of the most experienced and respected people in the industry on our advisory board, which plays a crucial role in helping Fairer Finance manage any conflicts of interest and ensures we never deviate from our mission to create a fairer financial services industry. 

"Sue's another excellent addition to the team, with a wealth of experience in the sector. We're lucky to have her."

Sue Lewis said: "I'm delighted to be joining Fairer Finance's consumer advisory board. Fairer Finance does an important job - both in helping consumers make better financial decisions and in holding banks and insurers to account.

"And I'm glad to be playing a part in helping it achieve its mission of creating a fairer market for consumers."

Speaking with FTAdviser following her departure from the FSCP earlier this year Ms Lewis praised the industry's work on implementing a duty of care in recent years, but said whilst firms were widely adhering to rules in the market there were still those failing to implement fair practice. 

Ms Lewis pointed to the loyalty penalty levied by firms, which means long-standing customers are often paying for worse deals than newcomers, something the FCA has previously pledged to address. 

rachel.addison@ft.com