Treasury select committee chairman Andrew Tyrie has told financial services firms they have a “once in a generation opportunity” to improve the accountability of the Financial Conduct Authority and its interaction with the industry.
Speaking at the Association of Private Client Investment Managers and Stockbrokers annual conference this week, Tyrie said that although responses to the TSC were due on Monday, it is not too late to hand in submissions.
He said: “We have a really wonderful opportunity to sort out conduct of business regulation. Too much regulation in the past has been box-ticking rather than digging into the root causes of regulatory risk. We must get it right this time. Although we have to work to the deadlines, I would urge people to get submissions of evidence in as a matter of urgent priority.”
The committee’s inquiry, launched in July, focuses on the FCA’s objectives, powers and accountability, plus how it interacts with other financial regulators.
Tyrie also urged firms to send them information about the costs incurred due to regulation and how much is passed to clients, so the TSC could do an analysis of the cost of regulation.