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FCA to invest £5m in register

The FCA is investing £5m in its register of regulated firms, chief executive Andrew Bailey has said.

Speaking at the watchdog’s annual public meeting this morning, Bailey said that he recognised “there are data quality issues” in the list, but the FCA was aware how important in can be to give consumers information.

Bailey said the register needs to continue to be “fit for an FCA with a much larger remit” today, having taken on responsibility for consumer credit firms, claims managers and a competitive objective in recent years.

“I didn’t have the register in my head as a priority when I started, it’s one of those things that has come up the list of priorities,” Bailey said.

DB transfers review criticises FCA register and Unbiased

Defined benefit pension transfers remain high up the priorities list because “this is one of the most complex decisions people can make in their financial lives” Bailey added.

Referencing the importance of its work on pensions more widely in light of demographic changes, including why the FCA has mandated default investment pathways, Bailey said : “Savings should not be defaulted into cash unless the consumer specifically requests it”

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There is one comment at the moment, we would love to hear your opinion too.

  1. £5m is a very precise and, needless to say when the FCA is planning to spend OPM, a very large sum. Was the task put out to tender in the open market as, I believe, the FCA is legally obliged to do to achieve the best value? Now, where was it I read that? Ah yes, that pesky Code ~ Our expectation is that as regulators integrate the Code’s standards into their regulatory
    culture and processes, they will become more efficient and effective in their work. They will
    use their resources in a way that gets the most value out of the effort that they make.

    Not much chance of that I guess. Easier just to pluck a massive figure out of the air and go with that. Who’s going to object? And even if someone does, we can just brush them off and tell ’em to mind their own business.

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