The Government is committed to ensuring that the interests of businesses and individuals who use financial services are protected.
In response to the banking crisis and significant conduct failings, Parliament passed legislation leading to the Financial Conduct Authority and the Prudential Regulation Authority applying the Senior Managers and Certification Regime. This regime aims to reduce harm to consumers and govern market integrity by making individuals more accountable for their conduct and competence.
Additionally, the FCA has been given a strong mandate to stop inappropriate behaviour in financial services, and the Government is confident they have the appropriate tools to protect consumers, including powers to ban or restrict products; powers of disclosure; power to take formal action against misleading financial promotions; and a power to accept super-complaints from consumer bodies about competition and consumer problems.
The Chief Executive of the FCA has set out his plans to transform the FCA into a more assertive regulator; testing the limits of its powers and working with other agencies to ensure they bring their own powers to bear, to ensure consumer protection and market integrity.