Advisers wary of new FCA chief's backtrack from 'shoot first' Wheatley

Laura Miller
clock • 2 min read

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 ...

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