The Conservative Party yesterday said it aims to complete a radical reform of financial services regulation in just five years.
Mark Hoban, shadow financial secretary to the Treasury, told The Financial Times the Consumer Protection Agency (CPA), a proposed replacement for the FSA, would be set up before the end of the next parliament. However, critics remain concerned about the potential costs and disruption of replacing the FSA with a new regulator. The Tories have already outlined their plans to shift the FSA's macro-economic responsibilities to the Bank of England, but it was thought any sweeping changes to consumer regulation would not occur until a second parliament. Hoban said: "Within the first parl...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes