The Treasury Committee has published an account of the oral evidence given by Martin Wheatley at what is to be a regular meeting about FCA. The Committee posed questions on various matters, including:  

  • the differences between FCA and its predecessor;
  • the proposal (with which Mr Wheatley did not agree) to put the Regulatory Decisions Committee on a statutory footing;
  • the progress of FCA's review on interest rate hedging products;
  • tailored business loans;
  • the potential conflict between easy bank switching and the money laundering requirements;
  • FCA's investigation into teaser rates;
  • consumer credit transfer;
  • senior persons and the licensing regime - assuming the Financial Services (Banking Reform) Bill gets Royal Assent (the Bill is due its Committee hearing in the House of Lords on 8 October), FCA intends to consult in the first half of 2014 on necessary rule changes and to introduce rules in 2015;
  • FCA's fining policy; and
  • annuities.

(Source: Treasury Committee Oral Evidence 10 September)