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Daily Insurance Industry News
Thursday 15th of November 2018
February 17, 2011

Make way for the Financial Conduct Authority

by Gill Montia

Story link: Make way for the Financial Conduct Authority

The Government has renamed the proposed Consumer Protection and Markets Authority, which has become the Financial Conduct Authority (FCA).

According to a Treasury update on its role, the FCA will be “protecting and enhancing” the confidence of consumers of financial services, “from retail customers choosing a current account to a hedge fund engaging in multi-million pound derivatives trades”.

In tackling this brief, it will be developing a new model of conduct regulation in the retail sector, using “early and proactive intervention” and demonstrating “a greater willingness to intervene in the early stages of the product lifecycle”.

Earlier this month, Martin Wheatley was named as chief executive designate of the FCA, and from 1st September will be working with the FSA executive team to prepare for the transition to the new regulatory structure.

He joins having served a five-year term as chief executive officer of Hong Kong’s Securities and Futures Commission and having held various posts, including deputy chief executive of the London Stock Exchange Group.

Ministers have also today announced the appointment of four external members to the Interim Financial Policy Committee.

Alastair Clark, Michael Cohrs, Donald Kohn and Sir Richard Lambert are joining the interim body as it prepares for the creation of the Financial Policy Committee, which under the new regulatory regime will be responsible for the stability of the UK’s financial system as a whole.

 

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