News
FCA handed new rule setting powers, goodbye ESMA
Wednesday 10th November 2021
Ryan Johnson
An amazing opportunity has arisen today in that the FCA has been handed the ultimate mandate enabling them to write or rewrite rules for the sector.
This lack of ability previously was outlined as a frustration by Andrew Bailey (Ex head of FCA) in that his hands were always tied, this was in relation to his feedback on the COLL rules and Wealth Management industry during a treasury select committee meeting he was reporting to.
From today this will be no longer an issue, lets hope the FCA seizes the opportunity. We will do all we can to support the regulator.
In addition the government has enhanced its powers through the treasury which allows them to enforce an agenda with the FCA should it be in the public interest, we have some examples of this over the years.
I am very optimistic given the challenges and clear examples where the rules have failed the industry the FCA can over the next 24 months, using all their knowledge and information from investigations to correct the inadequate rules currently in place that is creating issues for the industry and most importantly the investor.
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