FCA

Financial services firms have warned the cost of complying with regulations after the Financial Services Authority is split next year could rise by 20%, according to a survey by consulting firm Protiviti.

The incoming Financial Conduct Authority (FCA) must "act more swiftly" than its predecessor the Financial Services Authority (FSA), and ensure it utilises the full powers at its disposal, a body representing consumer interests has recommended.

The Financial Services Authority (FSA) has promised that one of its replacement bodies, the Financial Conduct Authority (FCA), will not be a retrospective regulator.

The government has been criticised for its insistence that the Money Advice Service (MAS) should be responsible for educating consumers about risk.

David Lawton, acting head of the Financial Services Authority's (FSA's) markets division, has been appointed to the post permanently.

The Association of Independent Financial Advisers (AIFA) has announced Financial Services Authority (FSA) managing director Martin Wheatley will deliver the keynote speech at its 2012 gala dinner.

Firms that continue to have issues picked up on by the Financial Services Authority (FSA) are likely to be treated more harshly by the regulator's successor, according to one of its directors.

Financial secretary to the Treasury Mark Hoban has stressed the twin peaks regulatory regime will be accountable to Parliament.

CONDENSED

The Financial Services Authority (FSA) has called on firms and individuals to tell them about bad behaviour within the marketplace to strengthen the regulator.