FCA has published initial feedback from the consultation process into its proposed mission statement. Key themes include:
- a desire for a clearer rationale for FCA decisions, and what FCA chooses to do and not to do;
- more protection for vulnerable consumers but there are different views on who a vulnerable consumer is. FCA welcomes views on this, what protections would be appropriate, and whether there are any vulnerable customers in the wholesale space;
- a division between respondents who want to see clear sets of principles for business as opposed to improving clarity in prescriptive rules. FCA seeks views on when high level principles are more appropriate; and
- better engagement by FCA with firms in sharing lessons learned and good practice. Respondents would like more tailored communications that illustrate risks for their particular market.