FCA: UK 'On The Road To Effective Regulation'

Chief Executive Outlines Hope For Future In Conference Speech

24.10.2013

David Shirt, Press Officer | 0161 838 3094

The UK is “several steps” along the road to ensuring effective regulation is in place to both protect consumers and providing the banking sector with foundations for growth, according to the chief executive of the Financial Conduct Authority (FCA).

In a speech to the British Bankers’ Association International Conference, Martin Wheatley said there was “no reason for complacency” on the issue of improving standards.

He outlined: “We operate in a sector that is still haemorrhaging bad headlines – the latest in the wholesale markets.

“Until this flow is reduced to a trickle, until the change is real, you cannot hope to deliver stability, prosperity, confidence and trust in what is – it should always be remembered – one of our great industries.”

Mr Wheatley added that the FCA has to “provide the footholds” to help London reclaim the “moral high ground” as a European and global financial centre.

His comments have come after new FCA figures revealed the number of complaints reported by consumers in relation to financial services firms fell by 500,000 in the first half of 2013.

Expert Opinion
Mr Wheatley’s recent speech echoes much of what has been said by the FCA in recent weeks, with an undoubted focus on ensuring that the financial services sector is able to learn lessons from the mistakes seen in recent years to improve both its reputation and service.

“It is not likely to be a straightforward process, but all eyes are on how the banking sector and other financial bodies are meeting their regulatory responsibilities and changing their culture.

“Transparency and compliance with regulations are vital in this process and any organisation with concerns over what is expected of them should seek advice from legal or financial compliance experts as soon as possible.”
Sarah Wallace, Partner