IN THE NEWS: Richard Palmer reflects on 10 years of the FCA

The Financial Conduct Authority (FCA) marks its tenth anniversary this year, a decade after evolving from the Financial Services Authority (FSA).  Much has changed in the intervening years, many have argued that the regulatory environment has got more challenging for better or worse, but through that time, how has the FCA been perceived by the industry?

This was the question posed in a recent Insurance Age article marking the anniversary of the FCA. It canvassed opinions from industry leaders right across the market, and our Head of Compliance and Risk, Richard Palmer took the opportunity to share his thoughts on ten years of the FCA.

“I think the FCA has been very good at getting closer to the businesses it regulates… this has allowed for more open and relaxed discussions of some key topics, usually well ahead of the mandatory introduction of new regulations”.

Richard praised the collaborative nature of the FCA, and the expertise of its staff, many of whom gained their experience with the FSA. He also highlighted that it could be even more successful as a regulator if it employed more people with insurance intermediary backgrounds, “this would greatly enhance their understanding, therefore supervision of the sector”.

Read Richard’s comments in full, including the sporting great he’d like to see parachuted into the FCA, here.


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