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The ABI verdict FCA six months on

Six months have passed since the Financial Conduct Authority (FCA) stepped into power in Canary Wharf. 

The ABI has some key messages about our experience of the new regulator so far:

  • There are encouraging signs that the broader scope of the FCA, including a focus on the benefits of competition, innovation and increasing consumer access, is feeding through into a more positive attitude to the provision of non-advised guidance services.
  • The ABI and its members are concerned about the scale and scope of thematic reviews impacting upon the insurance industry. The launch of so many initiatives places significant demands on the industry and the regulator and we urge the FCA to focus on the areas of greatest risk. The regulator should set out a forward plan of thematic reviews and market studies making clear its priorities.
  • We welcome the information provided on the FCA’s approach to its competition objective but urge the regulator to develop and publish a comprehensive framework for the methodologies and processes for market studies.
  • The FCA should give high priority to influencing EU regulatory developments which are increasingly shaping the conduct regulatory framework in the UK.  This requires close coordination with HM Treasury and Prudential Regulation Authority and ongoing engagement with the industry. 
Read our full response to the FCA's consultation on its approach to advancing its objectives (pdf 66kB).

Last updated 01/07/2016