Wheatley: FSA was too robotic

Laura Miller
clock •

Martin Wheatley, chief executive of the Financial Conduct Authority (FCA), has branded the previous watchdog - the Financial Services Authority (FSA) - "too robotic" in its approach to regulation.

In a speech in London yesterday, Wheatley criticised the FSA for pushing a "box ticking" culture in financial services which was "too captured by the interests of firms" and which did not always result in the best outcome for consumers. "Too often our response was overly reliant on regulation by rote. We built ever more rules and guidance about how to build a compliant process. It was robotic. Too captured by the interests of firms. "What we did too little was look at outcomes, so not ask ‘was the sale compliant?', but ‘did it achieve a good outcome?'" Wheatley said "mechanistic pr...

To continue reading this article...

Join Professional Adviser for free

  • 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

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA secures money back for victims of £1.5m crypto fraud

FCA secures money back for victims of £1.5m crypto fraud

Obtains confiscation orders against Raymondip Bedi and Patrick Mavanga

Sophia Panayi
clock 28 September 2026 • 1 min read
FOS partially upholds complaint against SJP for failing to provide annual reviews

FOS partially upholds complaint against SJP for failing to provide annual reviews

SJP failed to provide five annual reviews for client

Sophia Panayi
clock 23 September 2026 • 3 min read
FCA: Simplified advice rules update imminent; MPS review outcome set for 2027

FCA: Simplified advice rules update imminent; MPS review outcome set for 2027

Regulator's Kate Tuckley gives update

Isabel Baxter
clock 08 September 2026 • 3 min read