Andrew Tyrie: FCA mission provides 'a much clearer sense of direction'
By Jordan WilliamsAndrew Tyrie MP, the chairman of the Treasury committee, has declared that the Financial Conduct Authority's (FCA) mission consultation provides "a much clearer sense of direction"
Section: Economy
Mr Tyrie announced that the document will be discussed by the parliamentary committee with FCA CEO Andrew Bailey next month.
Commenting on the consultation, Mr Tyrie said: “At a quick read it looks like a robust attempt to give the FCA a much clearer sense of direction.
“It also attempts to identify what the FCA cannot reasonably be expected to do.
“Both are certainly needed.
“So is the greater transparency about its decisions and choice of priorities, promised in the FCA's consultation document.
“The FCA now has a responsibility to do much better than their predecessor regulator, the FSA [Financial Services Authority].
“And parliament has a responsibility not to make the regulator's job impossible by imposing unreasonably heavy demands on it.”
Mr Tyrie went to describe the many challenges Mr Bailey has ahead of him, including the FCA's report on Royal Bank of Scotland’s treatment of small businesses, strengthening IT systems in banks and reforming the Financial Services Compensation Scheme levy.