Tweet
The Finance Bill has sounded the death knell for the Financial Services Authority.
The death knell has finally sounded for the Financial Services Authority, with the Government publishing draft legislation replacing the regulator with three bodies; the Financial Policy Committee, the Prudential Regulation Authority and the Financial Conduct Authority. The Financial Conduct Authority (FCA) will take over responsibility for consumer financial matters, and will also oversee the consumer credit market, currently presided over by the Office of Fair Trading (OFT). George Osborne, the chancellor, said that the previous system was "incoherent". "Everyone was so focused on ticking off a regulatory checklist that nobody felt it was their responsibility to use their judgment,'' he said, speaking from the World Economic Forum in Davos.....Read more here--: Consumers to get new financial regulator - Telegraph
- Hi & Welcome to the AAD Consumer Forum
We're a FREE consumer debt and legal forum offering help, support and debate in many areas of day-to-day life. You will need to Register a Free Account before you can join in with the discussion and contribute with your own posts. Remember to also check out the FAQ's so you can get to grips with how the forum works ready to start posting your new topics. Read about the new GDPR 2018 Rules and how it affects you as a member of AAD.