Advisers have broadly welcomed the incoming head of the Financial Conduct Authority's (FCA) shift away from the tough stance of his predecessor, but are wary it heralds a softening approach to wrongdoers.
Andrew Bailey has distanced himself from a comment Martin Wheatley made in 2012 that he wanted to reverse the long drawn out method of regulation he inherited, in favour of a "shoot first and ask questions later" style that would act quickly against risky products. "We're not going to be doing that," Bailey told the Financial Times European Financial Forum in Dublin. "Shooting first and asking questions later is something that was probably put to bed by the FCA a while ago," he said. "It's not my philosophy." He promised more "fact-based analysis" like that he said the Prudential ...
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
