The new Financial Conduct Authority’s (FCA) objectives should be rewritten to include a duty to “promote competition for the benefit of consumer”, according to a Treasury Committee report.
The committee has published a report into the FCA which contains a number of recommendations for the government’s consideration, ahead of the drafting and publication of the Financial Services Bill later this year.
Instead of “enhancing confidence in the UK financial system” as a top objective, the committee has put forward the following goals: to protect consumers, enhance the integrity of the financial system, promote efficiency and choice, and promote competition.
Commenting on the publication of the report, the chairman of the Treasury Committee, Andrew Tyrie MP, warned: “If we are not careful, the FCA will become the poor relation among the new institutions. But it is the one that will matter most to millions of consumers.”