At present the retail banks operate under a self-regulation code of best practice known as the Banking Code. "Consumers on the high street expect to be protected by the FSA," said Tiner, adding that he would "put the [Banking} Code inside the FSA."
Backing for Tiner came from John Howard, chair of the Consumer Panel, that assesses the work of the FSA from the point of view of consumers, who said that change was necessary in this sector and that "public confidence is at a low point". This could mean that the FSA should take on the entire sector. He said that he felt the FSA was "too soft" and that it "should take more of a stance in regulating retail banks. Maybe they should step into the arena".