Campaigner Gina Miller delivers 10-point action plan to FCA
The True and Fair Campaign, led by Gina Miller and Alan Miller, has issued a 10-point Action Plan to the Financial Conduct Authority (FCA) ahead of the new Chief Executive, Nikhil Rathi, taking up his post this Autumn.
Included in the 10 Point Action Plan, announced on the day of the FCA’s Annual Public Meeting (24 September 2020), are calls to:
• Immediately suspend the Consultation CP20/11: Complaints against the Regulators (The Financial Conduct Authority, the Prudential Regulation Authority, and the Bank of England) until all three major Independent Reviews are published
• Close the loophole that permits companies, particularly sales and marketing agents, to become “appointed representatives” and conduct the activities of a regulatory approved firm even though they are not FCA-approved
• Introduce a 100 per cent of transparency of holdings rule so consumers in the pensions and investment industry are guaranteed the basic consumer right of knowing where their money is being invested;
• Bring boiler room scams urgently within the regulatory perimeter of the FCA; and
• Provide the necessary resources, including additional funding and staffing, to the Regulator’s Complaints Team to improve its performance and speed up the delivery of outcomes for complainants.
Gina Miller of the True and Fair Campaign, says: “At a time when our nation is suffering the unprecedented financial effects of Covid, it matters now more than ever that we have a competent Financial Regulator that protects British consumers. For too long, the FCA has been a victim of regulatory capture, acting in ways that benefit the industry it is supposed to regulate rather than the interest of the public.
“The arrival of a new CEO is an opportune moment for change and long overdue reforms to ensure customers are treated fairly. Not only is it the right thing to do, it will benefit all stakeholders in the sector and lead to a trusted better function industry.”
Alan Miller adds: “This 10-point Action Plan focuses on key technical deficiencies of the FCA and provides the incoming CEO with a pragmatic, logical roadmap to reform. For far too long millions of consumers have been failed, True and Fair urges him to seek to deliver actions not platitudes and transform the regulator into one that is fit for purpose.”