Govt to stick to hands-off approach with new regulator

In its response to the Treasury Select Committee's report into the retail distribution review (RDR), the government dismissed concerns the rule change would not be in line with the objectives of the Financial Conduct Authority (FCA), one of the FSA's successor bodies. It said: "As a consumer focused initiative, the RDR's aims are consistent with advancing the FCA's operational objective of securing an appropriate degree of protection for consumers and are compatible with the FCA's strategic objective, protecting and enhancing confidence in the UK financial system," it said. "However, ...