Change in financial services regulator

Well the Financial Services Authroity has gone and been replaced by the Financial Conduct Authority and the Prudential Regulation Authority.

The Financial Conduct Authority is responsible for consumer protection and therefore supervises every firm that deals with consumers. The Prudential Regulation Authority will supervise the Banks and Insurers which means that some Firms like Banks will have dual supervision.

We hope that the new regulator will be more proactive in the market, particularly their involvment with major banks and product providers who reckless management and products can seriously damage both consumers and the economy.