The Financial Conduct Authority (FCA), one of the regulators due to replace the Financial Services Authority (FSA) next year, aims to develop a financial services market where the most successful firms are those that respond best to the needs of their customers.
The FCA is set to be given a new objective by the government to "promote effective competition in the interests of consumers" from next year. In a wide-ranging speech at an Association of British Insurers event today, Martin Wheatley, the CEO-designate of the FCA, said the regulator was in the process of thinking through what its role would be, but said it would concentrate on four outcomes: firms competing for business by offering better services, better value and the types of products their clients want and need no firms sustaining excess profits firms innovating and d...
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