Just 7pc Think FSA Does Its Job
Only 1 person in 14 believes that Britain’s financial watchdog is doing a good job, a survey has found.
But the Association of British Insurers (ABI), which carried out the survey, said the FSA’s imminent replacement by the new Financial Conduct Authority (FCA) offered the chance to create a more powerful regulator.
It said the new watchdog must be more “in touch” with consumers and do more to encourage people to save. The ABI wants the FCA to be mandated to put consumer interests at its heart and to ensure it does not just “get involved when something goes wrong”.
It is calling for policy targets to encourage people to save more towards their retirement and to increase consumer confidence.
The FCA launches next year following the break-up of the FSA under a complete regulatory overhaul that will also see the Bank of England handed far greater powers.
In a paper released as part of its conference on regulation, the ABI outlines six policy objectives it wants the FCA to take on board, including ensuring that regulation is more closely aligned with what consumers want and need.