The FCA has outlined some of the key themes that have emerged in the feedback received to its earlier consultation on its future mission. Such key themes include:
- desire for clarity and sense of direction. Respondents are keen on a clearer rationale for the FCA’s decisions and what it chooses to do and not to do;
- vulnerable consumers. Respondents largely agree with affording more protection to vulnerable consumers but have different views on who a vulnerable consumer is and emphasise the need for clear definitions;
- rules versus principles. Some respondents are keen on clear sets of principles for business rather than prescriptive rules, while others prefer more clarity on existing rules as they feel these are often too vague; and
- engagement with firms. Respondents think that the FCA should adopt a more active role in sharing lessons learned and good practice. Respondents would like more tailored communications that illustrate risks for their particular market.
View Key themes from feedback on FCA mission consultation, 3 January 2017