Concern over gaps in regulation proposals
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Aifa has urged the Government to set out statutory objectives for the Consumer Protection and Markets Authority to oversee savings, pension and protection gaps.
Aifa says the Government’s proposals on the implementation of financial regulation reforms, published this week, address aspects of regulatory failure but policy issues are ignored. Director of policy Andrew Strange says: “We agree with the need for reform of the regulatory architecture and will continue to engage with the Treasury on the proposals.
“The clarity over the split of responsibilities, timetable and interim arrangements provides clear direction for our profession and focus for our activity.
“The twin peaks approach addresses aspects of previous regulatory failure but other failures of regulation are in danger of not be addressed by the current proposals. Consumer protection and market stability are crucial roles for regulation but the CPMA must also focus on overseeing social policy issues, such as the savings, pension and protection gaps.”
“Additional statutory objectives in this area would benefit consumers.”
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