The FCA, two years on – its successes so far and the challenges that lie ahead
The regulator is performing well, but there are still areas it needs to tackle
May 06, 2015 at 07:33 AM
4 minute read
The Financial Conduct Authority (FCA) celebrated its second birthday on 1 April, so it seems a good time to take stock of its challenges and achievements.
The press tends to focus on the FCA's enforcement record as the measure of its success, with the size of fines capturing the headlines. Indeed, the FCA imposed fines totalling £1.5bn in 2014 – almost five times the £312m levied by its predecessor, the Financial Services Authority (FSA), in 2012.
Yet last year's figure largely relates to a small number of well-publicised actions against global industry participants. There has in fact been a steady decline in both the number of fines published and prohibitions imposed. As the scope of the FCA's remit has expanded to embrace consumer credit companies, it is inevitable that smaller players get less supervisory attention. The FCA's challenge is to ensure that it can maintain credible deterrence across the full spectrum of companies it regulates.
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