Speaking before the presentation of the FCA approach document (see below), the Financial Secretary to Treasury, Greg Clark, has highlighted the importance of the new competition objective that FCA will assume. He made clear that the Government considers competition as a means of achieving consumer protection and integrity goals. This duty to discharge its general functions in a way that promotes effective competition in the interests of consumers will have the following other implications for FCA:
- it will have to think first whether it can use competition, rather than regulation, to achieve an outcome;
- one of its first priorities will be removing barriers to entry, expansion and exit; and
- promoting switching between providers and products should also be at the top of FCA’s agenda.