FCA chair: Regulating 60,000 firms is a problem

FCA must be rigorous

Sophie King
clock • 2 min read

Financial Conduct Authority (FCA) chair Charles Randell has said the financial watchdog must be stricter with authorising firms as he admits that regulating 60,000 firms is tough.

Speaking at a Finance & Leasing Association event, Randell (pictured) said the FCA must make sure the firms that have authorised status are good enough, as the number of firms it regulates increase. "Over the last seven years, the number of firms given to the FCA to regulate has more than doubled, and it continues to grow as we are given more responsibilities. "The review into London Capital & Finance [LCF] highlighted the risks from firms which exploit the ‘halo effect' of FCA authorisation." LCF fell into administration in January 2019 after collecting £237m from 11,600 investo...

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

The advice/guidance boundary review: More shades of grey?

The advice/guidance boundary review: More shades of grey?

'The feedback to the FCA is clear: rules are preferred to guidance'

Nina Cherry and Aneta Murdza
clock 09 April 2024 • 4 min read
Unauthorised director to hand investors £1.6m following FCA probe

Unauthorised director to hand investors £1.6m following FCA probe

Amount secured for investors by the FCA following High Court approval

Isabel Baxter
clock 04 April 2024 • 1 min read
Advisers sound positive note on LTA changes but flag need for support

Advisers sound positive note on LTA changes but flag need for support

The LTA will be abolished this week at the end of the tax year

Hope Coumbe
clock 02 April 2024 • 1 min read