Editor’s letter: Marking the FCA’s muted 10th birthday

FCA roty_large

If the government and law makers of the time could go back to 2013, they might not have gone with 1 April as the launch date for the regulatory duo of the Prudential Regulation Authority and Financial Conduct Authority.

However, perhaps they were so optimistic about them being successful they were confident that the date would ultimately never come back to haunt them in the shape of unpleasant headlines about ‘fools’ and ‘jokers’.

And 10 years on, maybe some of that confidence was ultimately not misplaced based on the comments from those who responded to Insurance Age’s request for feedback on the Financial Service Authority’s replacement as the broker overseer.

I do think praise should be given for the TCF principles and the aims and objectives that have been set out.
Peter Buckley

Peter Buckley, audit and compliance manager at Movo Partnership commented: “While there are many frustrations with our regulator [The FCA] I do think praise should be given for the treating customers fairly principles and the aims and objectives that have been set out.”

While, Neil Campling, executive chairman, Verlingue added: “The FCA provided [a] structure and framework [that has] helped brokers deliver the key elements and components of good business planning.

“This provided the basis for solid, properly organised businesses, professional service and a fair outcome being provided to clients.”

If you can’t say something nice…

To be honest, I can’t think of anything remotely interesting to say about the FCA.
Anonymous

However, what was more interesting than the number who agreed to participate was the larger total of people who declined to get involved.

Some did it directly, others used a third party, while one simply said: “To be honest, I can’t think of anything remotely interesting to say about the FCA.”

Which leads me to conclude that many brokers are happy to chat about the FCA in the comfort of their own boardrooms, or the safety of the pub with close confidants.

But when it comes to airing these thoughts in public then it is safer to ‘plead the fifth’ on the basis that if you haven’t got something nice [or thought-provoking] to say, then it is better not to say anything at all. 

 

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Paul Tasker spent his entire career working in broking, until he moved five years ago to insurtech Reg Technologies. Enjoying life in his new role, he talks about risks facing insurance firms and how Reg can help.

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