Keith Richards: Tough but fair FCA outshines predecessor
The Financial Conduct Authority (FCA) will be tougher than its predecessor but its more open approach has improved its standing in the industry, Keith Richards has said.
Talking to COVER's sister title IFAonline at the Personal Finance Society (PFS) annual conference the body's chief executive said the new regulator had a better working relationship with the industry than the Financial Services Authority (FSA) and its management style had changed significantly.
He said: "One of the more encouraging things I have experienced over the last six months is the more positive approach being taken by the regulator.
"We should not think that the FCA is simply going to soften its approach. It is logical that where wrong doing or negative culture exists we may see the FCA being even stronger than its predecessor. But they are being different, more balanced and pragmatic in their discussions.
"The hope is that the law of unintended consequences that we have often referred to may well be behind us."
Richards (pictured) credited the change of management style as the key to the new regulator's acceptance.
"That is the clear differentiator between the FCA and its predecessor. It is not unreasonable for some people to remain cynical about how long this will last but we feel it is a lasting change," he said.
The PFS also announced it has arranged for the FCA to join its regional events programme in 2014. CPD sessions delivered by FCA representatives will take place across the country for the first time.
More on Regulation
PFS chief executive Keith Richards to step down
Headed up PFS for eight years
Think tank brands FOS 'unfit for purpose' in damning report
Questions over fairness
MaPS merges legacy brands to focus on financial wellbeing
Support accessible from one place
