The vast majority of regulated firms lack faith in the Financial Conduct Authority's (FCA) ability to promote competition in the sector, a key tenet of the new regulator's mandate.
According to research compiled by the Financial Services Practitioner Panel (FSPP), just 28% of relationship managed firms - those which have dedicated contact points with the regulator, usually larger firms - were confident of the FCA's ability to deliver on promoting effective competition. Promoting competition in financial services is one of the new objectives adopted by the regulator when it took over from the Financial Services Authority (FSA) in April. The FSPP believes firms' lack of confidence in the regulator's ability to improve competition stems from the tone of the initial...
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