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FCA at odds with provider panel in wake of closed book review

The FCA’s approach to the media following its blunder over the closed book review remains a point of tension between the regulator and the FCA practitioner panel.

Part of the way the FCA is held accountable includes a number of industry panels which monitor the regulator’s policies, such as the practitioner panel made up of providers and the consumer panel.

The Financial Times reports relations between the FCA and the practitioner panel are strained following the briefing to the Daily Telegraph in March, which sent insurers’ share prices tumbling over suggestions the FCA was to review closed book policies and ban exit fees.

FCA chairman John Griffith-Jones told the Treasury select committee yesterday a review was carried out last summer to try and repair the relationship.

He said: “We are not entirely in agreement as to what a responsible position in the press should be, and that continues to be the case.

Griffith-Jones added an upcoming report had been toned down after the practitioner panel suggested the draft report was too aggressive.

At the same hearing FCA chief executive Martin Wheatley said he regretted comments made in 2012 that the regulator would “shoot first and ask questions later”.

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. Oh my! Surely, in almost any other industry in the civilised world, the ‘Leader’ presiding over such a debacle would have fallen on his sword? I thought that we were really trying to clean up our industry? Perhaps it doesn’t apply to some people.

  2. FCA and accountable are not a pair of words that fit in the same sentence. Holding to account only means something if the bodies in question have the power to impose and enforce changes on the part of the regulator. None does.

  3. “FCA chairman John Griffith-Jones told the Treasury select committee yesterday a review was carried out last summer to try and repair the relationship.”

    Mr Griffith-Jones. I think that you will find that the words “I am really sorry” would help!

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