FCA chief set to unveil regulatory plans

16 October 2012

New rules relating to Britain's financial sector will be unveiled by the new market watchdog today (16 October).

The Financial Conduct Authority (FCA) is scheduled to come into operation in the early stages of next year and its head, Martin Wheatley, is set to outline how this body will operate during an event hosted by Thomson Reuters this morning.

This body has been created in order to prevent any repeat of the recent banking crisis and issues such as the mis-selling of payment protection insurance by it being granted more power to ban products it perceives to be overly risky.

It is hoped the FCA - which will take on the current remit of the Financial Services Authority - will help improve conditions for consumers in the UK.

Mr Wheatley was quoted by Reuters as saying last week: "We will make the intervention first and then we will carry out the consultation and the cost/benefit analysis."

By Gary Cooper

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