Daily Insurance Industry News
 
 
Daily Insurance Industry News
Wednesday 17th of January 2018
June 27, 2011

New regulator to be tougher and bolder

by Gill Montia

Story link: New regulator to be tougher and bolder

The Financial Services Authority (FSA) has today outlined the approach of its successor body, the Financial Conduct Authority (FCA), which promises to be “tougher, bolder and more engaged with consumers”.

The FCA will assume responsibility for protecting consumers and for markets’ regulation from the end of 2012, and in line with a recently published government White Paper will:

Be more outward looking and engaged with consumers and better informed about their concerns and behaviour, where this is relevant to regulatory action.

Intervene earlier to tackle potential risks to consumer protection and market integrity, before they crystallise.

Be tougher and bolder, building on and enhancing the FSA’s credible deterrence strategy, using its new powers of intervention and enforcement.

The FSA’s interim managing director of conduct business, Margaret Cole, comments: “I am confident that, if implemented, this approach will deliver significantly higher levels of protection than consumers have enjoyed over the last 20 years.”

The FSA is welcoming comments on its FCA “approach” document until 1st September 2011.

 

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