The rise and (promised) fall of consultation papers

The journey to the Financial Conduct Authority (FCA) has begun. In a series of set-piece speeches, beginning at the FSA's Asset Management Conference in September, CEO designate Martin Wheatley outlined his vision for the new regulator that takes over from the Financial Services Authority (FSA) next year. He told asset managers and advisers: "We want you to be profitable, but what the FCA will be about is ensuring that the profits you make are based upon the fair treatment of your customers, rather than at their expense." The era of light touch regulation, it appears, is over. Righ...