The FCA has published its 2013/14 Annual Report and says it will use the “…eyes and ears of consumers…” to keep a check on the industry.
The report, out today, covers the FCA’s first year of operation and includes a number of key issues, including:
• customer warning on interest only-mortgages;
• mobile phone insurance review;
• RDR six-month review;
• how the FCA intended to regulate consumer credit and payday lending;
• new rules under the Mortgage Market Review;
• Transitions Management Review;
• retirement income study.
FCA Chairman John Griffith-Jones said: “We are far more engaged in what is happening for consumers; we are using the eyes and ears of the millions of people who use financial products to help inform and direct our work.
“The change in our focus has been broadly welcomed by industry and the response we have had from firms has helped us achieve some positive outcomes.
“I have seen boardrooms across the country think about how they can put the consumer at the heart of the way they do business. What we want to see now is that change filter down to everyone involved in meeting consumer needs.”
The first FCA Annual Public Meeting will take place on 17 July 2014 at the Queen Elizabeth II Conference Centre, London.