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More change on the horizon

In June 2010, the Chancellor announced significant changes to the way that financial services will be authorised and regulated, most notably, the creation of two new organisations charged with this task:

·         The Prudential Regulation Authority (PRA)

·         The Financial Conduct Authority (FCA)

Some firms will be “dual regulated”, such as the banks, insurers and major investment firms, but for financial advisory firms like Taylor Patterson, the FCA will be the principal regulator. Their focus will be much more on thematic work around a particular area of advice or products, rather than firm-specific supervision.

As the new regulator, the FCA’s vision is to make markets work more efficiently so that customers get a fairer deal. It will be responsible for requiring firms to put the well-being of their customers at the heart of how they are run, promoting effective competition and ensuring that markets operate with integrity.

With the creation of the FCA come some new powers:

·         A clear mandate to make rules to ban products that pose unacceptable risks to consumers.

·         To ban misleading financial promotions and remove them immediately from the market.

·         To ensure markets do not have barriers to entry, no single firm dominates the market and that they are focussed on meeting consumers’ genuine needs.

 

In its regulation of these rules, the FCA will be accountable to HM Treasury and Parliament.

The financial services industry continues to undergo fundamental changes, and consumers are now in a greater position than ever before to benefit from increased transparency in the way financial planners charge for and deliver what they promise – this can only be a positive development for the industry in the long term.

For further information on the new regulator, visit the website www.fca.org.uk

 

In June 2010, the Chancellor announced significant changes to the way that financial services will be authorised and regulated, most notably, the creation of two new organisations charged with this task:

·         The Prudential Regulation Authority (PRA)

·         The Financial Conduct Authority (FCA)

Some firms will be “dual regulated”, such as the banks, insurers and major investment firms, but for financial advisory firms like Taylor Patterson, the FCA will be the principal regulator. Their focus will be much more on thematic work around a particular area of advice or products, rather than firm-specific supervision.

As the new regulator, the FCA’s vision is to make markets work more efficiently so that customers get a fairer deal. It will be responsible for requiring firms to put the well-being of their customers at the heart of how they are run, promoting effective competition and ensuring that markets operate with integrity.

With the creation of the FCA come some new powers:

·         A clear mandate to make rules to ban products that pose unacceptable risks to consumers.

·         To ban misleading financial promotions and remove them immediately from the market.

·         To ensure markets do not have barriers to entry, no single firm dominates the market and that they are focussed on meeting consumers’ genuine needs.

 

In its regulation of these rules, the FCA will be accountable to HM Treasury and Parliament.

The financial services industry continues to undergo fundamental changes, and consumers are now in a greater position than ever before to benefit from increased transparency in the way financial planners charge for and deliver what they promise – this can only be a positive development for the industry in the long term.

For further information on the new regulator, visit the website www.fca.org.uk

 

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