The Journey to the Financial Conduct Authority

The FSA is running a series of briefings on the "Journey to the FCA".  These are undoubtedly a useful and timely opportunity for the FSA and the industry to exchange views on how FCA supervision will/should work in practice, in advance of the next iteration of the FCA approach document, due in the Autumn.  While there is some way to go on this "Journey" in a short period of time, the FSA's willingness to engage is encouraging.

The briefings raised three specific issues which are worthy of particular debate:

• The significance, if any, of the FSA's apparent refinement/interpretation of the FCA's statutory objective from "to ensure that markets work well" to "to make financial markets work well so customers get a fair deal"
• When and where the "customer outcomes" - which we are told will be at the "heart of regulatory decision-making" - will be defined and articulated?
• Whether the possible abolition of the Regulatory Decisions Committee would make the enforcement process more efficient (page 16 of our recent joint publication with the London School of Economics sets out reasons why this is not a good idea).  If you would like a copy of our publication, please contact us. 

Those interested in engaging with the FSA/FCA on these and other "approach" issues can contact the approach team at [email protected].