The Financial Services Authority (FSA) has today outlined the approach of the Financial Conduct Authority (FCA), which it says will 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 recent government White Paper, it 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.
FSA chief executive, Hector Sants, comments: “Trust in the financial services sector is at an all time low and the new regulatory arrangements provide the opportunity to restore confidence in an industry.”
Comments on the “approach” document must be received by the FSA by 1st September 2011.