Wheatley to run ‘politically savvy' FCA

The Financial Conduct Authority (FCA) will be run as a consumer champion and not for the benefit of member firms, according to a leading regulatory lawyer.

Speaking at the Personal Finance Society conference, Simon Morris, a partner at CMS Cameron McKenna, said CEO designate Martin Wheatley [pictured] would run the regulator primarily to avoid a "kicking" from politicians and the media. "The FCA will be a very politically savvy regulator," he said. "It will win points by being seen as a consumer champion, not by being soft on firms." "The FSA was kicked and kicked by the Treasury Select Committee over the regulation of RBS, HBOS and Northern Rock. "On his visits to the TSC, [Wheatley] does not want to look like a naughty schoolboy, an...