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‘Overhaul FCA objectives’

The Financial Conduct Authority’s proposed objectives need overhauling to avoid unnecessary complexity and perverse consequences, according to the Treasury select committee.

Current draft legislation gives the regulator the strategic objective of “protecting and enhancing confidence” and three operational objectives of consumer protection, protecting and enhancing the integrity of the financial system and promoting efficiency and choice in the market.

The TSC calls on the Government to scrap the strategic objective and add a fourth objective of promoting effective competition for the benefit of consumers. It adds that if the Government will not scrap the two-tier approach, amending the strategic objective to “ensure fair, efficient and transparent markets” would be an improvement.

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Comments

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  1. A great deal more than just the objectives of the FCA/FSA is in dire need of overhaul. Apart from anything else, the FCA is set to be all but the same as the FSA, despite Hector Sants announcement that the transition from one to the other is going to cost a staggering £50m.

    In fact, a great deal more than an overhaul is required ~ root and branch reform is a bit more like it, with priority attention paid to the regulator’s total lack of accountability, not least the way in which it routinely pisses away millions of pounds of OPM without so much as a by-your-leave, let alone any sort of Cost:Benefit Analysis worth the paper on which it’s printed.

    7,000 pages of verbose and largely nebulous guff churned out last year from Canary Wharf ~ where was the Cost:Benefit Analysis as to the worth of all that? MIA as usual.

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