Martin Wheatley, the managing director of the Financial Services Authority (FSA) and chief executive designate of the incoming Financial Conduct Authority (FCA), has outlined his plans to restore consumer trust in financial services.
His plan is to implement a "three pillar approach" to supervision of the industry, in the areas of firm-specific regulation, event driven work such as on collapses and failures of financial institutions or services, and themed work looking at the potential build-up of industry-wide problems. The regulator will also be keeping a keen eye on the media to keep informed of any warning signs, said Wheatley. "What journalists write and tweet is an important data source for us. In the past we've been quite reliant on firm-specific data. Now we will be widening that out to source more informa...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
