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FCA vows business interests will not be overlooked

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FCA chief executive Martin Wheatley

FCA chief executive Martin Wheatley says it is a “fallacy” to suggest that the regulator has to choose between being a consumer champion and pro-business.

Speaking at the Lansons Communications Future of Financial Services conference, Wheatley said the FCA will adopt a more consumer-focused agenda than the FSA, but said this approach will not mean business interests will be overlooked.

He said: “It is a fallacy to say the regulator must either be pro-consumer or pro-business. 

“It is difficult to argue today against the industry having a firmer regulatory hand on the tiller. Each of the misselling scandals, whether it be pensions, endowments, insurance or savings, was avoidable, and each was partly a product of the regulatory philosophy at the time.

“I do not see any great tension between the role of the regulator as a champion for consumers and markets. The challenge for the FCA in the years ahead is how we strike that balance.”

Investment Quorum chief executive Lee Robertson says: “This seems like a nod to the industry from Wheatley, but ultimately I think he is there to be a champion for the consumer.”

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Then stop over-regulating and over-charging IFA’s.

  2. Mr Wheateley should be a stand up comic.
    He certainly made me laugh.

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