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.”