UK: financial regulation reform - the approach of the FCA

Martin Wheatley, the chief executive designate of the new Financial Conduct Authority, spoke today at the British Bankers' Association about his vision for the FCA: see here. Briefly put, Mr Wheatley said that "getting a fair deal for consumers" would be at the heart of the FCA's work and noted that "The global world of regulation has moved on from a belief that providing information to people combined with some conduct rules over the people selling products will lead to good outcomes". Much in his speech was about cultural change in firms but he also referred to the way in which the FCA would operate by, for example, taking an earlier judgment as to the suitability of products.