Financial Services Authority (FSA) chairman, Callum McCarthy, has questioned whether the regulator should necessarily take on additional regulatory responsibility in his responses to questions from member of the Treasury Select Committee this morning.
McCarthy today has said it is, for example, “far from clear” the FSA is the best route to regulating consumer credit. Meanwhile, it is already the case that the way the regulator does its work has changed with some 90% of regulated firms now being smaller ones and no scope to visit them all. McCarthy has also noted that whatever the level of emotional advertising used by claims management companies (Cmc) it is not necessarily the best course of action to totally ban such people or firms, and that the FSA is not going to be in a position to do anything in any case until statutory powers a...
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