New Treasury financial secretary Greg Clark says one of the Financial Conduct Authority’s priorities as a new regulator should be to promote competition through removing barriers to entry and promoting product switches.
Speaking at the launch of the Journey to the FCA document in London this week, Clark said the FCA’s proposed competition mandate is one of the most important aspects of the new regulatory approach.
He said: “We need strong regulatory action to promote competition. This is an urgent task and the Government sees it as a priority for the FCA in its first few years. That means one of the priorities as a new regulator should be removing barriers to entry, expansion and exit, and promoting switching between providers and products.”
Anand Associates managing director Bhupinder Anand says: “It is all very well for Greg Clark to say he wants more competition, but in reality the Government and the FSA have already destroyed product choice and access to advice in financial services.”