Members from the finance industry have stated that too much regulatory focus on consumer protection could run into risk-aversion, preventing the Financial Conduct Authority from fulfilling its secondary objective of achieving growth and competition in the UK.
Speaking before the Treasury Committee today (3 December), William Wright, founder and managing director at the New Financial think-tank, said media and political scrutiny have a tendency to "default to consumer protection", which forms part of the primary objective of the FCA. Because of heightened focus on consumers, the watchdog, "and to a lesser extent the Prudential Regulation Authority" face a "near impossible job" in striking a balance between consumer protection, market stability and integrity, as well as competition, Wright added. David Postings, chief executive of UK Finance...
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