The regulator plans to send messages to firms via social media as part of a wider effort to communicate with the financial services sector. Other ideas include more face-to-face meetings with smaller regional firms through workshops and road shows, and giving trade bodies more access to the FCA’s senior management.
The FCA’s approach to advancing its objectives stated: “So we can understand issues and emerging problems with firms, we are increasing our engagement with them in a number of ways.”
But if firms appeared to have a culture or business model which could harm consumers, the regulator would take action immediately, it said.
The FCA has inherited many of the powers of the former Financial Services Authority on consumer issues.
It also now has the right to request the Office of Fair Trading to examine the competition in a certain market.
FCA chief executive Martin Wheatley said: “Markets that work well for consumers and for firms benefit everyone and benefit the UK economy. Our competition mandate is the single most significant change in our objectives as a regulator.
“This is important because in a more competitive environment, with firms meeting the needs of engaged and informed consumers, consumers will be better off. Competition can lead to lower prices, greater innovation, better design, better quality and wider choice, which ultimately leads to growth in the economy. This benefits everyone.”
