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The 8 ways the FCA will measure success

FSA Building Front View 480

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.

FCA8successmeasures
The eight key success measures the FCA is considering

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.”

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. “crystallised risks”? Shouldn’t the FCA be looking to tackle risks before they crystallise, which is exactly what the FSA has patently failed on so many occasions to do in the past? Shouldn’t the FCA, as one might reasonably have expected the FSA to have done before it, be aiming to avert motorway pile-ups before the first two vehicles collide?

    And is it not just a bit rich for the thoroughly discredited FSA to be setting out performance and achievement targets for the body being set up to replace it?

    I imagine Martin Wheatley may well be thinking, if not saying openly: You lot had your chance to do your job properly but you blew it dismally so what makes you think you have any right to be telling us how to do it better?

  2. Shouldn’t its first priority be to bring about a different culture in the public to borrow less, insure properly and save more?

    These are not even in the first 8! What a bunch of prats!

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