Wheatley to firms: Just following the rules is not good enough

The regulator is moving away from an over-reliance on static rules and regulations to a "good judgment" approach, and expects the industry to follow suit, Martin Wheatley has said.

Speaking at Mansion House on Wednesday, the Financial Conduct Authority (FCA) chief executive said in the past governments placed too much emphasis on creating new rules and regulations when things went wrong. The new regulatory approach aims to tackle "the obedience culture" that often failed in the first place, he said. Firms will be expected to place more importance on doing what is right than doing what is allowed. Wheatley (pictured) said: "The traditional mechanism for dealing with a lapse has been to beef up the rules. "The problem with this approach is twofold. First: it...