Martin Wheatley, FCA CEO, declares that the FCA is ‘a very different animal’ than its predecessor the Financial Services Authority (FSA).
Today (Tuesday July 9) marks 100 days since the UK’s Financial Conduct Authority (or ‘FCA’) came into being, replacing the Financial Services Authority (or ‘FSA’) as the main financial regulator in the UK, including oversight of the UK forex industry and online trading sector.
In a speech today marking the milestone, FCA CEO Martin Wheatley made very clear that more than just one initial letter in the regulator’s name has changed — a lot more is new, and Wheatley declared the FCA ‘a very different animal’.
Essentially, Wheatley declared that the FCA will be more proactive and swift in protecting consumers. In Wheatley’s words, “We’re not just asking: Is this product compliant? Does it tick every legal box? But actually: is the outcome good? Is the market competitive? And is fair treatment of consumers designed into products and culture?”
What does this mean for the UK Forex sector? It remains to be seen, but forex brokers can be sure that the FCA will be a lot more proactive in following up on customer complaints and claims of wrongdoing.
The full text of Martin Wheatley’s speech can be found on the FCA’s website.