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FCA to invest £5m in register

The FCA is investing £5m in its register of regulated firms, chief executive Andrew Bailey has said.

Speaking at the watchdog’s annual public meeting this morning, Bailey said that he recognised “there are data quality issues” in the list, but the FCA was aware how important in can be to give consumers information.

Bailey said the register needs to continue to be “fit for an FCA with a much larger remit” today, having taken on responsibility for consumer credit firms, claims managers and a competitive objective in recent years.

“I didn’t have the register in my head as a priority when I started, it’s one of those things that has come up the list of priorities,” Bailey said.

Defined benefit pension transfers remain high up the priorities list because “this is one of the most complex decisions people can make in their financial lives” Bailey added.

Referencing the importance of its work on pensions more widely in light of demographic changes, including why the FCA has mandated default investment pathways, Bailey said: “Savings should not be defaulted into cash unless the consumer specifically requests it”

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