Editor: I Feel for the Regulator, I Really Do

Meddling politicians. Vulnerable boomers. Unsuitable investments. Brexit. Coronavirus. The FCA's life is not getting any easier. Is drastic action needed?

Ollie Smith 12 November, 2021 | 4:53PM
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Treasury ministers present Budget 2014 to the mediaConspicuous by its absence in my last column was mention of the Financial Conduct Authority (FCA). I was discussing the issue of investor vulnerability, but wanted to cover off regulation in a separate column.

What is the FCA? Well, it is a body of lawyers, policy people and supervisory experts. It is in charge of ensuring the UK businesses that handle your money behave themselves, and has specific powers granted to it by parliament to ban individuals from working in financial services if it sees egregious wrongdoing.

For instance, if you are sold a fund, mini-bond, pension, or service by a business without the correct authorisations or compliance infrastructure, it can step in.

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Ollie Smith  is editor of Morningstar UK