The FSA has set out eight key success measures the Financial Conduct Authority will look to achieve in its first two to three years.
In its Journey to the FCA document, published today, the regulator says the FCA will look to successfully intervene earlier to the benefit of consumers, will deal quickly and efficiently with “crystalised risks”, be involved and engaged with stakeholders to ensure consumers are central to processes and address competition issues to the benefit of consumers.
The regulator adds the FCA will look to successfully influence international policy, deliver judgement-based early intervention regulation, deliver “business as usual” and encourage positive cultural change in financial services firms.
The document says: “Our focus will be on getting better outcomes for consumers, whether this means getting compensation quicker, or identifying problems earlier before they can cause significant harm. This will take time as we will have past problems, such as PPI and interest rate hedging products, to deal with.
“At the same time, we will continue to develop our model for delivering forward-looking judgement-based supervision.”
The FCA says it will set out further details on its approach in its business plan, set to be published in March.
PMI Independent Financial Advisers director John Stewart says: “It would be very hard to tell whether the FCA had achieved some of these measures or not.”