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FCA says writing appeals process into law would ‘delay justice’

Chief executive Martin Wheatley says creating a statutory independent appeals process is “not in anyone’s interests”.

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Martin Wheatley: At the Treasury select committee

FCA chief executive Martin Wheatley has told MPs it would be a “mistake” to make the regulatory decisions committee a statutory body as it would delay justice for regulated firms.

The RDC, part of the FCA’s independent appeals process, hears appeals against enforcement, authorisation and supervisory decisions. It is made up of external committee members from the industry, including advisers, who report to the FCA board.

Although the RDC has been retained under the new regulator, there is nothing written into law to prevent the FCA from abolishing the RDC in future.

Speaking at a Treasury select committee hearing this week, Wheatley argued the RDC should not be made a statutory body.

He said: “It would be a mistake. The current structure with our own enforcement process, then the RDC and Upper Tribunal allow the full range of appeals to go through the system. Many of our most complex cases take too long to get to final resolution.

“They take too long for all sorts of reasons; partly because of frustrations around lawyers putting all sorts of cases forward and partly because the RDC very often is insufficient and it goes to Tribunal. If we created a statutory process for the RDC it would delay justice and I do not think it is anyone’s interests.”

Wheatley said he also disagreed with the creation of a statutory RDC because the Upper Tribunal is already required by law so there would be “overlap”.

Informed Choice managing director Martin Bamford says: “I agree justice needs to be swift, although it is currently a very complex system that could be much simpler.”

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Comments

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

  1. The FSA most certainly wouldn’t welcome a Statutory Independent Regulatory Oversight Committee with powers to enforce adherence to the Statutory Code of Practice for Regulators then.

    Or to restore to intermediaries the Statutory protection of a longstop.

    Or to impose Statutory governance of the FSA’s levy raising powers.

    Or to impose Statutory adherence to propoer consultation processes.

    Or to impose a Statutory review of the RDR?

    No, no, no, the FSA doesn’t want ANY such irksome inconveniences. What the FSA wants is free rein to continue operating as a law unto its own self.

  2. Scared of Retribution 12th September 2013 at 12:05 pm

    Julian for President, what?

    All of the points he raises are valid and pertinent.

    Let’s add to them the fundamental truth that the FCA is not concerned about fairness and equitability unless it’s within a soundbite to the TSC or Institute of Directors Annual soiree.

    Why is it that not one single FCA luminary has the balls to accept that they are running the industry into the ground and that the consumers, who they supposedly cherish and comfort, are less protected, insured, pensioned and able to find a suitable adviser than ever?

  3. Scared of Retribution 12th September 2013 at 12:22 pm

    Julian for President, what?

    All of the points he raises are valid and pertinent.

    Let’s add to them the fundamental truth that the FCA is not concerned about fairness and equitability unless it’s within a soundbite to the TSC or Institute of Directors Annual soiree.

    Why is it that not one single FCA luminary has the balls to accept that they are running the industry into the ground and that the consumers, who they supposedly cherish and comfort, are less protected, insured, pensioned and able to find a suitable adviser than ever?

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