FCA future mission consultation
Response from the CII and PFS
26 January 2017
22 September 2017
Policy and Public Affairs, Keith Richards
We support this fundamental review of the FCA's work going forward. Much has happened in the financial markets even since the creation of the FCA in 2012. There has been much new insight on how consumers behave with financial products and services, including the impact of technology and new processes.
We hope this consultation helps the FCA to shape a vision and journey that:
- reflects the combined ambition of the FCA and wider Government for a financial services market that is world-leading, certain, stable and accessible;
- recognises the progress made by financial services firms and practitioners in working to get the best outcomes for consumers; and
- critically balances consumer needs and protection to maintain healthy market competition.
We agree that the FCA has a specific role to protect vulnerable customers, and whilst much focus of late has rightly been on retirees at risk of financial scams following the introduction of the pension freedoms, we encourage a broader approach to the issue of vulnerability in line with the FCA Occasional Paper No. 8.
This document is believed to be accurate but is not intended as a basis of knowledge upon which advice can be given. Neither the author (personal or corporate), the CII group, local institute or Society, or any of the officers or employees of those organisations accept any responsibility for any loss occasioned to any person acting or refraining from action as a result of the data or opinions included in this material. Opinions expressed are those of the author or authors and not necessarily those of the CII group, local institutes, or Societies.