FSA publishes transparency discussion paper
The discussion paper suggests ideas which have been produced in consultation with trade bodies, consumer groups and the independent panels for more effective disclosure of information in the future from both the Financial Conduct Authority and from firms.
Martin Wheatley, CEO designate of the FCA, said: “Transparency cannot be an end in itself. We want to make sure that disclosure helps customers make the right decisions when purchasing products and helps the market function more efficiently.
“We are open to hearing from all interested parties about their views on this paper and their ideas about how the FCA and firms could be more transparent.
“This is not a one-off exercise. As the FCA develops we will continue to identify additional ways to increase transparency and will be open to feedback from our stakeholders about how this can be achieved.”
The ideas put forward aim to help consumers make better informed choices, influence firm behaviour and enable external stakeholders to hold the FCA to account.
These ideas have been grouped into different areas. These are: information that the FCA could release about its own operations; information that the FCA could release about firms, individuals and markets; and information that the FCA could require firms to publish.
In addition to the ideas raised in the discussion paper the FSA has already started work on the new accountability measures required under the Financial Services Act 2012 and this will be taken forward by the FCA.
In particular the regulator has been working to develop a value for money strategy to ensure that the FCA is making the most efficient use of its resources and developing a statement of policy on regulatory failure which will be published by the FCA.
The Discussion Paper is published on the FSA website.