The incoming Financial Conduct Authority (FCA) must "act more swiftly" than its predecessor the Financial Services Authority (FSA), and ensure it utilises the full powers at its disposal, a body representing consumer interests has recommended.
The suggestions are part of six recommendations put forward by the Financial Services Consumer Panel (FSCP). The FCA will be one half of the replacement twin-peak set-up - the other organisation being the Prudential Regulation Authority. The FCA's recommendations are based on its review of the FSA's conduct regulation regime. Recommendations include; act more swiftly; making effective use of consumer and market intelligence and utilising the full suite of powers. They also suggest the FCA prioritises risk and effectively uses resources; delivers a credible deterrence; and embeds...
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