FCA boss Griffith-Jones pledges to enforce change

clock

The head of the new City watchdog John Griffiths-Jones has pledged to enforce change through the Financial Conduct Authority (FCA).

In an interview with The Times, Griffiths-Jones, chairman of the FCA, said he was starting the job as "a member of Joe Public, saying, 'Something's got to change here'".

He said the public's frustration with the banking industry was understandable.

“You’ve got to remember that people on the whole have been getting poorer rather than richer.

“If your house price is going down and you’ve lost your job or you haven’t had a pay rise for the last two years and your tax rate is going up, you are kind of stroppy with everybody. And banks doing something wrong does act as a bit of a lightning rod.

“There’s a cause and effect here, which is why the public aren’t happy with them. Something needs to change. Definitely.”

However, he added lack of trust in banks was "distressingly high" and it was not good for the economy or the country.

Part of his job at the FCA, he said, was to quell the desire for retribution.

More on Regulation

CII to reduce headcount by eight to 'deliver better outcomes'

CII to reduce headcount by eight to 'deliver better outcomes'

Forming plans to streamline processes and services

Isabel Baxter
clock 26 March 2024 • 1 min read
BIBA names Julie Comer as head of compliance

BIBA names Julie Comer as head of compliance

Helping members with compliance queries and concerns

Jaskeet Briah
clock 20 March 2024 • 1 min read
FCA unveils measures for more transparent enforcement cases

FCA unveils measures for more transparent enforcement cases

Consultation process initiated

Sahar Nazir
clock 27 February 2024 • 2 min read

Highlights

COVER Survey: Advisers damning of protection insurer service levels

COVER Survey: Advisers damning of protection insurer service levels

"It takes longer than ever to get underwriting terms"

John Brazier
clock 12 October 2023 • 5 min read
Online reviews trump price for young people selecting life and health cover

Online reviews trump price for young people selecting life and health cover

According to latest ReMark report

John Brazier
clock 11 October 2023 • 2 min read
ABI members with staff neurodiversity policy nearly doubles

ABI members with staff neurodiversity policy nearly doubles

Women within executive teams have grown to 32%

Jaskeet Briah
clock 10 October 2023 • 3 min read