Bringing you live news and features since 2006 

PIMFA welcomes Treasury Select Committee report recommending change in culture at Financial Conduct Authority

RELATED TOPICS​

PIMFA, the trade association for wealth management, investment services and the investment and financial advice industry, has welcomed a Treasury Select Committee report calling for a change in culture at the Financial Conduct Authority (FCA).

Tim Fassam, Director of Government Relations and Policy at PIMFA, says: “Today’s Treasury Select Committee report calling for a change in culture at the Financial Conduct Authority (FCA) is welcome and echoes many of the recommendations PIMFA has previously made, particularly through our Future of Supervision and Future of Regulation policy papers.

“Our industry called on the FCA to act over London Capital & Finance repeatedly. A more agile, engaged and decisive regulator could have prevented the losses suffered by thousands of consumers as a result of what happened with LCF and it is encouraging that the current senior leadership of the FCA recognises. But as the Treasury Select Committee says in its report, the FCA must set milestones for change to be achieved.

“We also agree with the Treasury Select Committee that it is disappointing measures to address fraud via online advertising have not been included in the draft Online Safety Bill, something which PIMFA has campaigned for, and will continue to campaign for. As the Treasury Select Committee, rightly in our view, states this is a missed opportunity to prevent another LCF-type event in the future.”

Latest News

HSBC Asset Management’s (HSBC AM) ETF and Indexing business has passed USD100 billion in assets under management (AUM), reflecting its..
Amundi’s ETF Market Flows Analysis for April reveals that investors added EUR54.1 billion to global ETFs in April with equities..
VanEck has reached USD10 billion in assets under management in Europe for the first time in April 2024...
Global index revenues increased 9.3 per cent in 2023, totalling a record USD5.8 billion, according to a benchmark study published..

Related Articles

Dan Miller, IQ-EQ
With just over a week to go till T+1 settlement begins in North America, Canada and Mexico, time is of...
Emily Spurling, Nasdaq
Last October’s ETF Express US Awards 2023 found Nasdaq winning Best Index Provider – ESG ETFs and Best Index Provider...
Vinit Srivistava, MerQube
Index provider, MerQube, launched in 2019, with the aim of providing a “technology-driven answer to the most complex, rules-based investment...
Sean O' Hara
Pacer ETFs has announced the launch of three Cash Cows UCITS ETFs. The firm writes that this will give European...
Subscribe to the ETF Express newsletter

Subscribe for access to our weekly newsletter, newsletter archive, updates on the site and exclusive email content.

Marketing by