The Financial Services Authority (FSA) has admitted to shortcomings in its communications with firms and has pledged that successor the Financial Conduct Authority (FCA) will not ‘hide behind consultation papers’.
FSA head of asset management Edward Harley said that the FCA would adopt a more open and accountable approach, speaking at the Tax Incentivised Saving Association (Tisa) conference.
‘A general point is that we as an organisation have not been the best at communicating, we haven’t been as creative as we can about getting out messages to firms and consumers,’ he said. ‘I think a very important part of the FCA is about getting out and talking [to firms and consumers].
‘We don’t want to hide behind consultation papers. We want to talk to firms more... we’d like to have fewer of them [consultation papers] and for them to be more concise.’
Harley added that the FCA board would ensure staff remuneration was kept in line with performance.
‘We want to show a clearer link between our fees - the fees you pay us - and the work that we do,’ he said. ‘As a regulator this will mean engaging more with organisations like Tisa and we’d like you to work with us to make that a reality.’