Association of British Insurers director general Otto Thoreson has warned the Financial Conduct Authority’s regulatory agenda could end up restricting access to advice.
Under the draft Financial Services Bill, the FCA will have a primary objective to protect and enhance confidence in the financial system, with secondary objectives of providing an “appropriate degree” of consumer protection, promoting efficiency and choice in the market. It must deliver these objectives in a way which promotes competition whenever possible.
Speaking to Money Marketing at the Labour party conference in Liverpool this week, Thoreson said access to advice and financial services is not high up enough on the FCA’s agenda and could end up being sidelined as it works to deliver on its objectives.
He said: “The FCA agenda seems to underplay the importance of access to advice and access to financial services for consumers. There is a risk that the FCA goes too far down the road of controlling and constraining the delivery of financial services at the cost of access for people to those services.”
The draft bill is currently undergoing pre-legislative scrutiny in the House of Commons.