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FCA’s Martin Wheatley wins Which? Positive Change award

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.”

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Comments

There are 6 comments at the moment, we would love to hear your opinion too.

  1. A prize for ‘changing the regulatory culture and putting consumers first’?

    A quarter of a century of regulatory fiasco and this is where we are?

    On a par with Obama getting the Nobel Peace prize for sfa.

  2. Julian Stevens 20th June 2014 at 9:31 am

    Is that another knighthood I glimpse on the horizon?

    There’s nothing here, though, about improvements to the FCA itself (and I think most of us agree that there’s still plenty wrong with it). Getting tough with malfeasants and dishing out tens of millions of pounds in fines (which are confiscated by the Treasury) is all very well, but what about the rest of us?

    For a start, I’d still like back my share of the £118m the intermediary sector was overcharged by the FCA in its previous guise and a 32% reduction to my levies for the coming year instead of the 32% increase of which I was notified last week. And what about action to restore a longstop?

    Most of us are just small players not doing anyone any harm at all, yet still the FCA continues with its relentless blizzard of new regulations (or should that just be guidance?) with which we have to struggle to keep up. It would be nice for us to be given a bit of credit and respite where it’s due.

  3. The Cynical Broker 20th June 2014 at 10:28 am

    Absolutely hilarious ! I needed a laugh this morning and thanks to ‘Which?’ I got an absolute belter!

    How can Which? who own also Which? Mortgage Advisers dish out this kind of award ? It smacks of sucking up to the FCA at best and a potential conflict of interest at worst !

    I trust that our main regulatory body AMI will be taking this up and challenging Which? on this ridiculous award !

  4. An award from Which? for positive change. Could that be a reward or even a disclosable incentive for the proposed government changes to so-called free guidance which I am sure Which? and others will make lots of money out of.

    It is interesting that the major newspapers and the TV always go to Which? or other so called journalistic consumer right publications for comments on pensions and investments when they are not regulated and pay nothing into the regulatory system.

    I know that Which? is authorised for mortgages but they are not authorised for pensions and investments again, why does the regulator turn a blind eye? Could it be that awards handed out by these magazines are more important than enforcing the rules and regulations.

  5. Christopher Petrie 20th June 2014 at 12:59 pm

    @ JS.

    Most firms ARE getting reduced FCA fees this years. It’s not their fault if your Network decides to jack up their fees by 1/3rd.

    From your many postings, one gets the impression your seemingly many problems are caused mostly by a Network not the regulator.

  6. Says quite a lot about the value of Which? Awards doesn’t it!

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