The Financial Services Authority (FSA) has published the Journey to the FCA a paper that sets out how the UK’s new financial conduct regulator will operate. The Financial Conduct Authority (FCA) will start work next year with a remit to make financial markets work well so consumers get a fair deal. Speaking at a Thomson Reuters Newsmaker event in London today to mark the launch of the paper, FSA managing director and chief executive officer designate of the FCA, Martin Wheatley said:

“The FCA offers a huge opportunity for the regulator and firms to start afresh, and work in partnership to reset how we deal with conduct in financial services. We see it as the role of the regulator to not only make the relevant markets work well but also to help firms get back to putting their customers at the heart of how they do business.” Martin Wheatley outlined the changes in approach that will be taken by the FCA. The FCA will aim to learn the lessons of previous issues such as PPI mis-selling by taking earlier and more decisive action to deal with problems early. It will devote more resources to analysing possible risks and looking at cross-industry issues to assess the cause of problems.....Read more here: Martin Wheatley sets out the Journey to the FCA

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