View more on these topics

Firms call for greater clarity from FCA as Mission key themes announced


The FCA has published initial feedback on its new Mission document as firms looks to the regulator for greater clarity on its future direction.

In an update this morning, the FCA has outlined four key themes that have emerged as firms respond to its consultation on a new document which will give greater detail on the regulator’s strategic underpinning.

The regulator has highlighted that firms are looking for clarity and a sense of direction from the regulator, as well as more active engagement from the FCA on what practices it wants to see.

The FCA says: “Respondents are keen on a clearer rationale for our decisions, what we choose to do and not to do.”

“Respondents think we should adopt a more active role in sharing lessons learned and good practice. Respondents would like more tailored communications that illustrate risks for their particular market.”

However, those that have inputted to the consultation so far are split on the role of rules and principles at the regulator.

The FCA says: “Some respondents are keen on clear sets of principles for business rather than prescriptive rules while others prefer more clarity on existing rules as they feel these are often too vague.”

The regulator is asking for feedback on where it should use prescriptive rules and where higher level principles may work better.

Finally, the regulator is asking for responses to help define a “vulnerable consumer” and how they should be protected after many firms said that vulnerable consumers should be safeguarded.

The FCA says: “Respondents largely agree with affording more protection to vulnerable consumers but have different views on who a vulnerable consumer is and emphasise the need for clear definitions.”



Mission critical: The FCA’s roadmap to better reguation

The FCA’s new mission statement may be “the missing piece of the regulator’s jigsaw”, but experts are questioning what impact it will have on how the watchdog works. The regulator launched a consultation last week as part of chief executive Andrew Bailey’s plans to set out the FCA’s new “mission”. The FCA wants the mission to […]


FCA chief: New mission is not a ‘political shield’

The FCA’s new mission statement is not meant as a “political shield”, the regulator’s chief executive Andrew Bailey has said. It is also not about “repositioning” the regulator, but will better explain what the regulator does and why it does it, Bailey has said. The FCA published the consultation today, describing it as a set of principles […]

Where next for the price of oil?

Having stabilised at around $65 a barrel, many investors are questioning if the price of oil will rise, and when. Richard Hulf provides his view. Richard Hulf, manager of the Artemis Global Energy Fund, sets out his thoughts about how the oil price may move through the next six months. At the start of the […]


News and expert analysis straight to your inbox

Sign up


There are 3 comments at the moment, we would love to hear your opinion too.

  1. I for one would like to see the creation of an external body with the powers necessary to direct the FCA in what it does and doesn’t do because, thus far, it’s shown itself to be completely untrustworthy in correctly prioritising just about anything you can think of.

  2. The FCA could learn a lot from the way in which the UK Civil Aviation Authority (CAA), regulate airlines and air operators. This is particularly relevant where pilots, air traffic controllers, flight engineers and operations officers regularly sit down with the CAA to discuss real issues that arise daily from real operational experiences. Furthermore the representatives from the CAA comprise people with real experiences as Air Operators, such as pilots and others concerned with flight safety.
    Participants are encouraged to be open and are entirely free from criticism and/or the fear of regulatory retribution of any kind.
    The aim here is to promote flight safety and to learn lessons and avoid unsafe outcomes before they happen, rather than to ‘pick through the wreckage’ after the event, and try to figure out what caused the crash.
    As a retired professional pilot and air operator, I can say with confidence, that the CAA’s positive engagement with the people it regulates, and it’s resultant proactive stance to flight safety is a lesson that the FCA could benefit from.
    I see no difference between the responsibility taken by an aircraft commander for the safety of his passengers, and the responsibility taken by a Financial Adviser when considering his client’s financial future.
    Every Air Operator must have an Operations Manual that has to be approved by the CAA, and regularly updated.
    When I want to the FCA with my Financial Advice Operations proposals, and asked for their comment, I was sent away having been told that the FCA were not interested, and it was up to me to run my firm with no input from the FCA whatsoever.
    I can only presume that the GXA have no interest whatsoever in ‘client safety’ and would rather wait until a mistake is mad expand distance themselves from the outcome by hiding behind the FOS!
    Come on FCA, wake up and take responsibility and become more proactively involved with experienced advisers who know so much more than you do.

  3. Shouldn’t our Regulators “role” actually be simple to define in broad terms?
    Make sure anyone charging for giving advice is competent (+ not a known criminal etc)
    Make sure a firm providing a product is vetted thoroughly (financially, people, business plan etc)
    Make sure EVERY product available in the UK is fit for purpose
    Make sure the rules to achieve all that are concise, simple, easily understood by all and cost effective to implement.

    And the CAA post above is excellent – such good common sense.

Leave a comment


Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm