Financial Conduct Authority chief executive Martin Wheatley says there are lessons to be learnt from how cycling regulators have dealt with Tour de France doping scandals.
Writing in City AM this week, Wheatley compared cycling’s drug scandals, most notably seven-time winner Lance Armstrong being stripped of his titles last year, with financial services’ misconduct. On Sunday British cyclist Chris Froome became the second Briton in successive years to win the Tour de France.
Wheatley compared regulated firms to cycling teams, shareholders to managers, riders to products and spectators to consumers with prizes the incentives.
He said:“We know there are the incentives to cheat, especially for teams that are falling behind. So it can be hard for teams who want to break free and do the right thing.
“These issues are rather familiar to regulators of retail financial conduct.”
Wheatley said that just as the cycling watchdog must invest in science to keep up with drug cheats, so the FCA must invest in financial markets and products.
Highclere Financial Services partner Alan Lakey say: “It’s a bad analogy and does not fit for the personal finance industry.
“How can you use the wrongdoing of payment protection insurance misselling and Libor rigging to deal with someone like me?”