A clear majority of people surveyed by Which? want a strong financial watchdog but don’t think that the FSA has done enough for consumers.

73% said that the FSA wasn’t effective at standing up to banks in the run-up to the financial crisis and 82% feel the financial watchdog needs to have more power to force the banks to change.

The consumer association found that while there is widespread agreement that a financial watchdog is needed to ensure that banks treat their customers fairly (85%), only 36% thought the FSA had managed to deliver this for consumers.

Meanwhile, 76% don’t think that banks can be trusted to regulate themselves.

Which? chief executive, Peter Vicary-Smith, gave evidence to the Treasury Select Committee on Wednesday 2 November, outlining his vision for the new Financial Conduct Authority (FCA).

He said: “This is a once in a generation opportunity to get this regulation right. People are crying out for a strong financial regulator that fights on their behalf. The FCA has the potential to stand up for consumers’ interests