FCA response to National Audit Office report

Regulatory Updates | 20/03/19

The FCA welcomes the report by the National Audit Office – Regulating to protect consumers: Utilities, communications and financial services markets(link is external). The report provides a view of the challenges that regulators, including the FCA, face when measuring their performance and understanding what works well for consumers.

Andrew Bailey, Chief Executive at the FCA, said:‘Protecting consumers is absolutely central to the FCA and where we have identified potential harm we have taken decisive action. Our recent work in the high-cost credit market, including implementation of the price-cap in the rent-to-own market, is just one example of this.Understanding the impact of our interventions is an important part of our mission to ensure that financial markets are working in consumers’ best interests. We will consider the National Audit Office’s recommendations when evaluating our work to protect consumers.’