Jump to content

FCA and "Goldilocks"


CliveH

Recommended Posts

I do sometimes wonder at what some Government Organisations come up with.

 

This is from a briefing note i the Pinks (won't Frank be pleased (lol) ) on how the FCA sees its role as regulator in the financial world.

 

Speaking at the Wealth Management Association annual conference today, FCA chairman John Griffith-Jones highlighted industry issues such as suitability and the advice gap.

 

He said the FCA is on a mission to find a "Goldilocks regulatory regime" which balances the regulator's powers.

 

"Waiting for things to go wrong and arriving after the event to clean up has proved low value-added and poor at confidence boosting. Rulemaking in advance of the event has not worked much better either.

 

"Attacking the past does not work, attacking the future does not work, we at the FCA are in search of the Goldilocks regulatory regime that finds the balance somewhere between the two."

 

......................

 

Whilst I find the descriptive term more than a little bizarre - it is the first admission I have seen from a regulator that the old FSA "Reactive" regime failed the Consumer - as did Prescriptive rules for events that were only possibilities and never came to pass.

 

I wish the FCA well.

 

I just hope all this really is not a "Fairytale" :-S

Link to comment
Share on other sites

  • 2 weeks later...
Guest Had Enough
CliveH - 2013-10-10 11:47 AM

 

I do sometimes wonder at what some Government Organisations come up with.

 

This is from a briefing note i the Pinks (won't Frank be pleased (lol) ) on how the FCA sees its role as regulator in the financial world.

 

Speaking at the Wealth Management Association annual conference today, FCA chairman John Griffith-Jones highlighted industry issues such as suitability and the advice gap.

 

He said the FCA is on a mission to find a "Goldilocks regulatory regime" which balances the regulator's powers.

 

"Waiting for things to go wrong and arriving after the event to clean up has proved low value-added and poor at confidence boosting. Rulemaking in advance of the event has not worked much better either.

 

"Attacking the past does not work, attacking the future does not work, we at the FCA are in search of the Goldilocks regulatory regime that finds the balance somewhere between the two."

 

......................

 

Whilst I find the descriptive term more than a little bizarre - it is the first admission I have seen from a regulator that the old FSA "Reactive" regime failed the Consumer - as did Prescriptive rules for events that were only possibilities and never came to pass.

 

I wish the FCA well.

 

I just hope all this really is not a "Fairytale" :-S

 

I'm feeling a bit sorry for Clive as he desperately tries to get the respect and admiration of the members by constantly posting these articles, which I'm sure must be of deep interest to the average motorhomers who make up the largest membership on this site.

 

I just can't believe that he isn't getting a massive response to these interesting and thought-provoking articles from 'THE PINKS'. I just thought I'd put that in capitals to remind you that he never gets his news from ordinary papers like the rest of us!

 

I'd hate him to get discouraged so I've decided to help him feel better about himself by replying to any thread that is ignored by the selfish people on here who don't seem to realise the value of his contributions from 'THE PINKS'. (lol) (lol) (lol) (lol) (lol)

Link to comment
Share on other sites

Archived

This topic is now archived and is closed to further replies.

×
×
  • Create New...