Martin Wheatley has spoken at an Association of British Insurers (ABI) conference on how conduct regulation is changing. He notes the Financial Conduct Authority (FCA) “Approach” document will be published at the end of October and will set out FCA’s approach to conduct regulation and getting a fair deal for consumers. He said regulators need to be better at spotting the risks to consumers, to deal decisively with the events that come to a head, and to act more quickly and with better results for consumers. He said people have straightforward needs for financial products, and FCA will look at the life-cycle of a product to assess its value to consumers, rather than focusing on specific times during that life-cycle. He said the way FCA will work will result in fewer supervisors being allocated to specific firms, with more free to act where risks arise. He referred to the proposed new product intervention rules and said FCA would use them, sparingly, to ban certain features or, where necessary, certain products. He said it has ruled out, at least for now, the possibility of pre-approving products. He noted current initiatives, such as the move to ban the sale of unregulated collective investment schemes to most retail investors, and the current consultation on use of incentives for sales staff. Finally, he noted the Retail Distribution Review (RDR), which he said is both helping fairer competition and helping customers understand what they are paying for. (Source:FSA Speaks on a Fair Deal for Consumers)