Expo South 2013: FCA's regulation approach will cause brokers "brain ache"
The Financial Conduct Authority's (FCA) approach to regulation is "fundamentally new, fundamentally different and will cause a lot of brain ache" brokers heard at Insurance Age's Broker Expo South 2013.
The former head of ethics for the Financial Services Authority, David Jackman, told attendees that the regulator has markedly changed its outlook in the wake of the financial crisis five years ago.
"The regulator is taking an interest in the results of what we do rather than the way we do it," he explained. "It wants to see how consumer interests are protected and enhanced.
"It's fundamentally new and fundamentally different and will cause a lot of brain ache."
Culture
He continued: "The
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