Wheatley waves goodbye to 'old way of doing things'

Wheatley, currently managing director of the FSA, said that, though the regulator has been considered slow to react to emerging issues, it actually took action in the PPI market almost as soon as it took over general insurance regulation seven years ago. "It is just that the action reflected the inadequacies of the previous approach," Wheatley said. "It did not look at the bigger picture; and it was not bold enough." Wheatley was speaking on Wednesday about the future of conduct regulation at the British Bankers' Association's (BBA's) annual conference in London. He will head up th...