Ian Murray has backed Which?’s Watchdog not Lapdog campaign to show support for a strong, open and proactive financial regulator that stands up for consumers.

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The Financial Services Bill which is currently going through parliament will change how the financial services industry is regulated, creating a new regulator the Financial Conduct Authority (FCA) with responsibility for protecting consumers.

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Ian Murray, who today adopted the Which? Watchdog agrees that after the financial crisis and disasters like the payment protection insurance (PPI) mis selling scandal, the new regulator must:

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Be ready to show its teeth•-; issue fines that are big enough to act as deterrents and promote competition by making sure products are transparent, simple to compare and easy to switch between.

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Not be afraid to bark•-; tell consumers when firms are found to have broken the rules, what it is investigating and what it is going to do to stop it.

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Sniff out dodgy products•-; take a more proactive approach and ban dodgy financial products and misleading adverts before they cause problems. Lessons must be learnt from the•payment protection insurance•mis-selling scandal.

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Ian Murray MP says:

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“At a time when money is tight it’s really important that the new financial regulator is a watchdog that puts consumers at the heart of everything it does.”

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Which? chief executive, Peter Vicary-Smith, says:•

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“People have told us they want a regulator that stands up to the financial services industry and fights on behalf of the consumer. The Which? Watchdog represents everything the new financial regulator must be. We need a financial watchdog that is ready to show its teeth to the banks, bark at poor customer service and sniff out dodgy financial products.

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To find out whether your friends and family’s MPs have adopted the Which? Watchdog visit•www.which.co.uk/watchdogadoption.