"What struck me yesterday at the QEII Centre, Westminster was the sheer number of representatives from firms. It was a point from one of the attendees who was a 'real' member of the public, who reminded the FCA and the firms attending that they have a duty of care to underlying customers".
Key highlights:
- John Griffith-Jones discussed that conduct has been the single most important issue for the last two years
- 'Conduct is on the map' and the new individual accountability regime introduced within the banking sector reaffirms this
- Although only a small minority, there are some badly behaving firms who continue to damage the reputation of others
- Prevention is better than cure. 155 final notices being published and 25 against individuals showing enforcement action is still required
- 1.4 million enquires received by FOS within the last year, 336 disputes reviewed and less than 50% upheld
- MiFID II continues, plus the extension of SMR with consultations likely to happen very soon and regional roadshows for firms to help with the transition
- Andrew Bailey's four biggest issues (FCA CEO):
- Brexit, especially relating to the Repel legislation
- Low-interest rates which are impacting debt and retirement saving
- Aging population and changes to the career market
- Technological changes having both positive and negative effects on savings and investment management
The meeting finished with a Q&A session, this covered a range of topics from FCA wages, to Brexit, to claims management companies. For the latter, the FCA is expecting claims management companies to be regulated from April 2019.
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