The Financial Conduct Authority, the UK financial regulator, has a new secondary objective. As well as protecting consumers, the FCA is also required to help make the UK financial services sector globally competitive.
This new objective was introduced by the last Conservative government, and the new Labour administration supports it. Not surprisingly, big banks, asset managers, insurance companies and other financial institutions are delighted about it and are keen to push the FCA further in the same direction.
But, as Andy Agathangelou from the Transparency Task Force and fellow pro-consumer campaigners Alan and Gina Miller and Alan Miller explain in the latest episode of The Investing Show from Timeline, the secondary objective does compromise the FCA’s primary consumer protection role.
You have until 31st October 2024 to respond to respond to the FCA’s call for input on the future of financial regulation in the UK. Please don’t waste this opportunity to have your say.
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