This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. Find out more here.
X
MM+cover+small+241014
Categories:Politics,Regulation

'Put focus on fairness and transparency'

  • Print
  • Comment

Ps and lords want the Financial Conduct Authority’s strategic objective changed from focusing on confidence in the financial system to fairness and transparency.

Currently, the draft bill sets out the FCA’s strategic objective as to “protect and enhance confidence in the UK financial system”. The FSA, the Independent Commission on Banking, and the Office of Fair Trading have all criticised the current wording, saying it is unclear and does not accurately reflect the FCA’s responsibilities.

There is also concern that the wording could lead to the FCA looking to boost confidence in the system by hiding or downplaying cases of consumer detriment.

The joint committee report says the FCA’s strategic objective should be amended to focus on “promoting fair, efficient and transparent financial services markets that work well for users”. It also recommends a clearer role for the FCA in promoting competition, including the ability to make market investigation references to the Competition Commission and the power to hear super-complaints.

Aifa director general Stephen Gay says: “Aifa has stressed that getting the regulators’ objectives right is hugely important in setting the strategic direction for the future. It is much more than an exercise in wordsmithing. We agree the role of the FCA must be to ensure markets are efficient and effective for both consumers and for firms.”

  • Print
  • Comment

Daily Email Updates
If you enjoyed this article, sign up to receive the latest news and analysis from Money Marketing.

The Money Marketing CPD Centre
Build your annual CPD - you can log and plan your CPD hours for free with The Money Marketing CPD Centre.

Taxbriefs Advantage
Advantage is a digital reference source giving unbiased, independent, answers to your technical queries. Subscribe to Taxbriefs Advantage.

Have your sayEdit my profile/screen name

You must sign in to make a comment

Fund Data

Editor's Pick



Poll

Do you think Citizens Advice is capable of delivering a good at-retirement guidance service?

Job of the week

Latest jobs

View all jobs

Most recent comments

View more comments