Today the Financial Services Authority has set out how the new Financial Conduct Authority (FCA) will operate next year.
Which? chief executive Peter Vicary-Smith said:
“We hope the Financial Conduct Authority (FCA) is a strong, open and proactive regulator that stands up to the banks. We’ll be watching closely to make sure the FCA keeps to its word and puts consumers at the heart of everything it does.
“The FCA must learn from past mistakes and end the series of scandals that have led to banking being one of the least trusted professions. Along with tougher regulation we also need to see a big change in the culture of banking so that banks are for customers, not bankers.”
Which? has launched a major new ‘Big Change’ campaign to put consumers’ best interests at the heart of banking reform. People can support the campaign by signing the ‘Big Change’ pledge here.
Over 90,000 people have pledged their support for big change in banking with Which? and 38 Degrees.
‘Big Change’ is calling for:
- Banks to put customers first, not sales.
- Bankers to meet professional standards and comply with an independent code of conduct.
- Bankers to be punished for mis-selling and bad practice.