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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”



FCA to replace Gabriel to ‘improve’ data collection

The Financial Conduct Authority’s data collection system Gabriel is set to be replaced with an “easy-to-use” platform to allow the regulator to “more swiftly” identify, intervene and remediate issues. The regulator has started work to improve the way it collects data from firms and says it wants the views of users to help “shape its thinking”. […]

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FCA to supervise crypto asset regime in ‘dirty money’ crackdown

A crypto asset regime will be established with support from the Financial Conduct Authority to create one of the most “comprehensive global responses” to the use of crypto assets in illicit activity, the government has announced. Criminals will “have nowhere left to hide their ill-gotten gains” thanks to a crackdown in the fight against “dirty money”, according […]

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Bonus for FCA boss hangs in the balance

FCA chief executive Andrew Bailey could have to forgo a bonus if the regulator is deemed to not have dealt with the collapse of mini-bond provider London Capital & Finance effectively. The FCA’s independent review into the failure of the firm is likely to inform performance bonus decisions for the regulator’s directors from next year. […]


Shift in advice rules could leave thousands worse off: Ami

The Association of Mortgage Intermediaries has cautioned the Financial Conduct Authority against changing the advice rules to facilitate execution-only sales, warning it could lead to poorer outcomes for thousands of borrowers. In its latest quarterly economic bulletin today, the mortgage broker trade body says that it is a “misnomer” to suggest that current rules make […]


Attitudes toward income protection

Ross Jackson, Senior Protection Marketing Manager, Royal London  Royal London commissioned Opinium to run our State of the Protection Nation research to find out how people felt about their own protection needs and the industry as a whole. We surveyed people who had already taken out some kind of protection insurance and those who didn’t have […]


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