“We are using the eyes and ears of consumers” – FCA published its 2013/14 Annual Report

The Financial Conduct Authority will use the millions of consumers who use financial products and services to ensure that the industry meets their needs and expectations, said Chairman John Griffith-Jones as the FCA published its annual report for 2013/14.

Covering its first year of operation John Griffith-Jones said that industry welcomed the focus on conduct and was now more actively engaged with the regulator and more committed to ensuring better outcomes for consumers. The challenge would be to build on this initial progress across the FCA’s remit in the months ahead.

Chairman, John Griffith-Jones commented:

“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 annual report looks at some of the key pieces of work undertaken by the FCA in its first twelve months which includes:

  • Warning for customers on interest only-mortgages
  • Review into mobile phone insurance
  • 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

The FCA will host its first Annual Public Meeting on 17 July 2014 at the Queen Elizabeth II Conference Centre in London where members of the public can ask questions about the annual report.

Notes for editors

  1. The Annual Report and appendices.
  2. The Annual Diversity Report is an appendix to the Annual Report. It is the first as the FCA and shows the good progress that has been made in the in the last year. We realise we have a lot more to do and have a number of plans and initiatives in place.
  3. On 1 April 2013 the FCA became responsible for the conduct supervision of all regulated financial firms and the prudential supervision of those not supervised by the Prudential Regulation Authority (PRA).
  4. The FCA has an overarching strategic objective of ensuring the relevant markets function well. To support this it has three operational objectives: to secure and appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers.  These statutory objectives are outlined in the Financial Services Act 2012.
  5. Find out more information about the FCA.