Context
A speech by Charles Randell, Chair of the FCA and PSR, to the Building Societies Association, took a look at the history of the regulatory journey to outcomes-focussed regulation, including a look at the FSA’s original vision, Treating Customers Fairly, Principles-based regulation, and the shift of focus from Principles to outcomes.
Key points to note
In his speech Charles Randall highlighted the following:
- Focusing on the best consumer outcomes is the right thing to do – but it is not yet fully embedded in everything that the FCA and financial services firms do.
- By defining the right outcomes, measuring them even more and acting on the results even faster with an enhanced data capacity, the FCA will be able to target its interventions more effectively.
- Being transparent about outcomes drives the FCA to act and increases its accountability.
Next actions
None – for information only – but the continued focus on best customer outcomes should be viewed alongside other issues highlighted in this week’s updates.