Industry warns MPs of ‘turf wars' between regulators

Industry figures have told MPs they fear "turf wars" breaking out between different regulatory bodies, and called for the Financial Conduct Authority (FCA) to be more accountable.

At a Treasury Select Committee evidence session on the role of the incoming Financial Conduct Authority (FCA), representatives from the fund management and insurance sectors warned regulatory overlap in the new regime could be a "recipe for disaster". Its evidence session was part of TSC's ongoing probe into the new regulatory body. The FCA will be responsible for regulating the conduct of all firms, including the insurers, deposit-takers and small number of investment firms who will be regulated by the new Prudential Regulation Authority (PRA). Paul Killik, senior executive office...