FCA does not want to be a price regulator, says Sheldon Mills
Sheldon Mills, executive director – consumers and competition at the Financial Conduct Authority, has stressed to brokers that the watchdog does not want to be a price regulator.
In his keynote speech yesterday at the British Insurance Brokers’ Association’s conference in Manchester Mills told the audience: “The new consumer duty is not intended to be a price regulation mechanism.
“We do not want to be a price regulator.”
The FCA leader accepted that having engaged with the general insurance pricing practices with the resulting ban of price walking he knew that the remedies brought out had led to significant change in the way things are priced. This, he acknowledged
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