Financial Conduct Authority raises the stakes in its bid to protect customers
The FCA has begun swooping on the world’s biggest banks and asset managers, in what could be a sign of things to come for the insurance industry.
The new regulator is making site visits, giving the targeted firm short notice.
A report in today’s Financial Times says that the FSA is probing banks and asset managers in its desire to protect the interests of retail investors and pension fund members.
However, it is understood that the FCA will apply the same strategy to other financial services firms, such as insurers and brokers that it believes are not being transparent and are failing to serve the interests of customers.
A warning sign to insurers and brokers that they are at risk of a swoop should come from any detailed questionnaires that the regulator sends out before deciding to visit.
Ultimately, it could lead to insurers and brokers having products banned and investigated in what chief executive Martin Wheatley described as a “shoot first and ask questions later” approach to regulation.
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