In this guest post, Christopher Woolard, Executive Director for Strategy and Competition at the Financial Conduct Authority (FCA) explains the work the regulator is doing to protect customers.
Financial services and products are important for all of us. They help provide the money we need to buy or furnish our homes, invest and save for our future, and protect our families and belongings in case things go wrong.
However, we know that there will be times in people’s lives when they find it particularly hard to deal with their finances. Losing a job, the death of a loved one or health problems can all make people vulnerable. Vulnerability is not always a permanent state and these types of issues can affect people at any time. Some people may also find it more difficult to navigate the market and find the right product for them.
Our Mission, published in April, sets out a framework which underpins our decision-making. It states that our Mission is ultimately to serve the public interest and explains that we will act where we can add the greatest value and have the greatest impact. In particular, we focus on harm and how to prevent it.