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Review of 2004: Regulators

FSA chairman Callum McCarthy and chief executive John Tiner have come to the end of their first full year in office and have certainly managed to shake things up at the FSA.

What with the introduction of mortgage regulation, the onset of depolarisation and a marked increase in the number of fines handed out for firms, the pair have been nothing if not busy. The outcome of a tribunal showdown with Legal & General over mortgage endowment compensation and the split-capital investment trust negotiations also over compensation will ultimately determine whether 2004 was a good year for them or not. Tiner is well out from under Howard Davies’ shadow and there is more of can-do attitude at the regulator but has it been given too much to do. Managing director David Kenmir won plaudits for a flexible attitude to the PI situation then lost all those brownie point from IFAs for perceived inflexibility over the regulator’s fees.

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