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Govt sees competition as FCA priority

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.”



Paraplanner’s View: Investment proves the case for paraplanners

Us paraplanners have been banging on for some time about how important we are in a modern financial planning business and it seems others are starting to take notice now. This week saw the exciting news that threesixty has bought at 25 per cent share in The Timebank – huge congratulations to all involved. What […]

Tim Newman MM blog

Tim Newman: Platforms are over-complicating adviser charging

At one stage I thought the migration to adviser charging might actually be alright on the night. Having digested the FSA policy statements, I had a pretty clear view of the world to come. It was all pretty easy really. At the next ‘advice event’ with each client, the adviser would explain his post-RDR menu […]

Retail banks may be banned from selling interest rate swaps

The Government is considering banning ring-fenced retail banks from selling derivative products such as interest rate swaps to consumers in light of recent misselling scandals. In June, Barclays, HSBC, Royal Bank of Scotland and Lloyds Banking Group all agreed to pay redress after the FSA found “serious failings” in the way interest rate swaps were […]

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EEF/Jelf Employee Benefits Sickness Absence Survey 2015

EEF stated in its 2015 EEF Manifesto that the UK’s growth prospects depend on people being fit, working and productive. Keeping people in work and helping people return to work is very important for the manufacturing sector. It means boosting productivity by getting people back into work as early as is possible, as well as fostering workplace cultures and environments that proactively manage individuals’ health conditions so that all can benefit from lower sickness absence outcomes.


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