FCA chief executive Martin Wheatley has been awarded the Which? Positive Change award for changing the regulatory culture and putting consumers first.
Wheatley has described winning the award as a “milestone” in the regulator’s relationship with consumer groups.
He was given the award yesterday.
Which? executive director Richard Lloyd says: “Under Martin’s leadership the FCA has shown a willingness to understand the behaviour of real consumers, to tackle the minority of people working in financial services who have abused the trust that consumers place in them, and to prioritise improvements in key markets such as consumer credit, insurance and savings.
“The challenge to rebuild consumer trust in banking will take time but Which? believes that under Martin the much needed change in culture has begun.”
Wheatley says: “Not so long ago Which? was a frequent and vocal critic of the FSA, so this award is a milestone. It is a testament to the hard work of the 3,000 people at our Canary Wharf and Edinburgh offices, and I would like to take this chance to thank them all.
“In our first year in operation we have made a real difference. But before the FCA came into force, few – and I include ourselves in that – would have predicted the effect we have had. We have hard-wired stronger consumer protections into the system, but the industry is now starting to deliver positive change.”