The Journey to the FCA
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Good morning, and welcome to live coverage of a Thomson Reuters Newsmaker on how the Financial Conduct Authority (FCA), one of the successors to the Financial Services Authority, will regulate financial services firms and protect UK consumers.
'The Journey to the FCA', which starts at 9am BST, will feature speeches and interviews with Greg Clark, Financial Secretary to the Treasury, Martin Wheatley, Managing Director of the Financial Services Authority and CEO designate of the Financial Conduct Authority and John Griffith-Jones, Chairman Designate of the FCA. The event will be moderated by Axel Threlfall, TV Anchor for Reuters Insider.
You can watch a live stream of the event here on this live blog, on our Newsmaker page and on our homepage.
You can also contribute to the debate via the Twitter hashtag #FCAapproach -
Reuters correspondent Huw Jones has written a preview of today's event. He says:
Britain's new market watchdog will spell out on Tuesday how its sharper teeth to ban products and challenge business models should make the 26,000 firms it will supervise think twice about ripping off consumers again.
Martin Wheatley, the head of the Financial Conduct Authority being launched in early 2013, will tell a Thomson Reuters event at 9:00 a.m. British time how powers to take harmful products off the market would work in practice.
"We will make the intervention first and then we will carry out the consultation and the cost/benefit analysis," Wheatley told an industry event last week.
The new approach aims to draw a line under 20 years of mis-selling in Britain and make sure consumers are offered products that are suited to their needs.
The cost to banks of compensating people mis-sold loan protection insurance alone will top 10 billion pounds.
The FCA will take on the conduct, enforcement and consumer protection operations of the Financial Services Authority when the unitary supervisor is scrapped early next year.
The FSA's broader supervisory powers over banks and insurers will be handed to a new unit at the Bank.
This "twin peaks" set-up seeks to increase the intensity of supervision which was found wanting ahead of the financial crisis.
The dual regulatory approach has already been introduced on a "virtual" basis by splitting up the FSA staff into conduct and prudential units ahead of a formal switchover next year.
Wheatley is expected to say that many of the changes made by the FSA, in particular the "credit deterrence" policy of taking a harder line against insider dealing and market abuses, will continue under the FCA.
Read on -
Good morning, we're @reuters_co_uk for the #FCAapproach document launch. Martin Wheatley will be explaining how the new regulator will workby FSAConsumerinfo via twitter 10/16/2012 7:31:43 AM -
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Head of new UK market regulator FCA Martin Wheatly to outline plan of approach. Will be tweeting a bit from speech and Q&A #FCAAproachby reutersdouwe via twitter 10/16/2012 8:00:44 AM -
What is the Financial Conduct Authority? The FSA website says:
The Financial Conduct Authority (FCA) will be the new regulator whose vision it is to make markets work well so consumers get a fair deal.
It will be responsible for requiring firms to put the well-being of their customers at the heart of how they run their business, promoting effective competition and ensuring that markets operate with integrity.
The FCA will start work in 2013, when it will receive new powers from the Financial Services Bill that is currently going through parliament.
The Journey to the FCA sets out how we will approach our regulatory objectives, how we intend to achieve a fair deal in financial services for consumers and where we are on this journey. -
Watch the live webcast shortly and read the 'Journey to the FCA' document here www.fsa.gov.uk #FCAapproachby FSAConsumerinfo via twitter 10/16/2012 8:01:21 AM
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Head of new UK market regulator FCA Martin Wheatly to outline plan of approach. Will be tweeting a bit from speech and Q&A #FCAapproachby reutersdouwe via twitter 10/16/2012 8:02:20 AM
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The FCA Approach document is available to download here.
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Future FCA chairman designate John Griffith-Jones wants a strong competitive market so that consumers have more choice #FCAapproachby reutersdouwe via twitter 10/16/2012 8:07:54 AM
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At the #fcaapproach event courtesy of Thomson Reuters, representing the @BSABuildingSocsby ReneKinzett via twitter 10/16/2012 8:09:01 AM -
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@Reuters_co_uk today for the launch of the #fcaapproach document... Hoping they shed more light as to how they'll point n shoot in 2013by NewModelAdviser via twitter 10/16/2012 8:09:51 AM -
Treasury minister Greg Clark also says promoting competition in financial services is crucial #FCAapproachby reutersdouwe via twitter 10/16/2012 8:10:24 AM
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Hearing from new HMT Minister Greg Clark MP. New objective for regulator to promote "competition" in interests of consumers #fcaapproachby ReneKinzett via twitter 10/16/2012 8:11:23 AM
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Clark wants lower barriers to entry in financial services #FCAapproachby reutersdouwe via twitter 10/16/2012 8:12:45 AM
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Treasury minister Greg Clark says the FCA will be the first regulator to promote competition in financial services #FCAapproachby NewModelAdviser via twitter 10/16/2012 8:13:36 AM
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Does "innovation" in financial services conflict with consumer protection? Wasn't mass PPI mis-selling fairly "innovative"?! #fcaapproachby ReneKinzett via twitter 10/16/2012 8:14:03 AM
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Martin Wheatley: Creation of FCA is an attempt to reset the way that industry can meet investors' and users’ needs #FCAapproachby FSAConsumerinfo via twitter 10/16/2012 8:15:28 AM
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MW: We will regulate one of our most successful industries central to the health of our economy & a provider of 2m UK jobs #FCAapproachby FSAConsumerinfo via twitter 10/16/2012 8:15:59 AM
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Wheatley: financial services is one of UK's most succesful industries #FCAapproachby reutersdouwe via twitter 10/16/2012 8:16:06 AM
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Wheatley three main points are: supporting consumers, better competition, markets that can be trusted #FCAapproachby reutersdouwe via twitter 10/16/2012 8:18:32 AM
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MW: The FCA has been set up with 3 underlining outcomes... #FCAapproachby FSAConsumerinfo via twitter 10/16/2012 8:18:50 AM
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MW: 1. Consumers get financial services and products that meet their needs from firms they can trust #FCAapproachby FSAConsumerinfo via twitter 10/16/2012 8:19:26 AM
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MW: 2. Firms compete effectively with interests of customers & integrity of the market at the heart of how they run business #FCAapproachby FSAConsumerinfo via twitter 10/16/2012 8:19:52 AM
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MW: 3. Markets and financial systems are sound, stable and resilient with transparent pricing information #FCAapproachby FSAConsumerinfo via twitter 10/16/2012 8:20:28 AM
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Wheatley: #fcaapproach one aim is to help the industry rebuild it's reputation but enforcement will stay central to proving their pointby NewModelAdviser via twitter 10/16/2012 8:20:35 AM
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Interesting that #fcaapproach document pledges that new regulator will ensure that barriers to entry/expansion will not be "excessive"by ReneKinzett via twitter 10/16/2012 8:20:42 AM
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Wheatley: need better understanding of data firms give us access to #FCAapproachby reutersdouwe via twitter 10/16/2012 8:21:23 AM
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MW: Our approach will look forward and prevent problems before they occur and contain where they have occurred #FCAapproachby FSAConsumerinfo via twitter 10/16/2012 8:22:05 AM
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Wheatley: #fcaapproach document pledges that new regulator will ensure that barriers to entry and expansion will not be "excessive"by NewModelAdviser via twitter 10/16/2012 8:22:48 AM
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Wheatley will encourage staff to be "bolder" in decision making #FCAapproachby reutersdouwe via twitter 10/16/2012 8:23:00 AM
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No, the creation of FCA is another attempt to cement investors rights as preeminent over users @FSAconsumerinfo @reuters_co_uk #FCAapproachby riprap007 via twitter 10/16/2012 8:23:24 AM -
MW: Government intends to give us new tools to ensure that consumers get products that meet their needs #FCAapproachby FSAConsumerinfo via twitter 10/16/2012 8:23:27 AM
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MW: Regulation is much more effective if it can step in early #FCAapproachby FSAConsumerinfo via twitter 10/16/2012 8:24:13 AM
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Wheatley: FCA will have "quite intrusive" powers that it will us responsibly #FCAapproachby reutersdouwe via twitter edited by Reuters_RossChainey 10/16/2012 8:24:55 AM
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To correct Wheatley: financial services is one of UK's most corrupt industries @reutersdouwe @reuters_co_uk #FCAapproachby riprap007 via twitter 10/16/2012 8:26:07 AM
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MW: Our goals as the FCA are clear: we will work for an industry that is better at serving the needs of its customers #FCAapproachby FSAConsumerinfo via twitter 10/16/2012 8:27:15 AM
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At #FCAapproach launch. Consumers at heart of outcomes FCA aiming for; watch out for "quite intrusive" new powersby edmoisson via twitter 10/16/2012 8:28:15 AM -
Wheatley is speaking for a packed audience. Lots of interest from the City, even if we are in Canary Wharf. #FCAapproachby reutersdouwe via twitter 10/16/2012 8:28:16 AM
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#FCAapproach FCA chair-designate started with an "operationalize" (!!!) but CEO wheatley plain speaking againby edmoisson via twitter 10/16/2012 8:30:21 AM
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