On April 1 2013, the Financial Conduct Authority (FCA) took over as the regulator of the conduct of financial firms in the UK, replacing the Financial Services Authority (FSA). The FCA came into being promising to be more proactive – to take action in anticipation of issues occurring – and to be tougher on those who broke its rules.
Now the FCA has marked its first anniversary by issuing a short video. Chief executive Martin Wheatley begins by saying that he believes his organisation has “made a significant difference to how financial services are delivered in this country.” He goes on to mention areas such as remuneration structures and travel and mobile phone insurance where he asserts that the FCA has taken action.
Next, chairman John Griffith-Jones spoke of the aims of the FCA by saying: “We have a bigger objective than just stopping the bad stuff, it is encouraging the market to actually treat the customers fairly.”
Three unnamed consumers then give their verdict on the FCA. “I think it’s had a very positive year, the FSA had a tarnished reputation after the banking crisis and I think they’ve moved on now,” is one such comment.
Industry chiefs are next to give their verdict. Mark Wilson, CEO of insurance giant Aviva, commented: “The thing I’ve been really impressed with is the renewed focus on