Talk:Financial Conduct Authority

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Neutrality[edit]

removing some of the tubthumping —Preceding unsigned comment added by 90.195.66.2 (talk) 23:37, 23 May 2011 (UTC)

Status[edit]

The FCA will not be an agency of the UK Government. HM Treasury press release “It will operate as an independent body separate from Government, financed by fees paid by the financial services industry” Misterwhiskers (talk) 11:52, 9 August 2012 (UTC)

Suggested rewording: The Financial Conduct Authority (FCA), previously known as the Consumer Protection and Markets Authority (CPMA), is a future regulatory body, formed as one of the successors to the Financial Services Authority. It will operate as an independent body separate from the UK government, financed by fees paid by the financial services industry Misterwhiskers (talk) 15:28, 16 August 2012 (UTC)

The press release you link to above does not contain the quite you include, nor does it contain any statement to the same or similar effect. When making a {{request edit}}, please provide precise and accurate citations so that a reviewing editor can verify the suggested change. DES (talk) 01:23, 20 August 2012 (UTC)
After significant searching, and several edits to add citations and information to the article, i did not find a reliable source which stated that the new FCA will be independent (although the independence of the parallel PRA was mentioned). Edit request decliend pending the provision of specific citations which support this statement. DES (talk) 04:29, 20 August 2012 (UTC)

{{request edit}}

In the HM Treasury press release, the text quoted aboive is in the last sentence of the first note to editors. I have also found an article from a broadsheet newspaper (the FT) that states: 'As head of the independent Financial Conduct Authority, he will have enhanced powers to ban products and practices.' FT link

Also, the independent status is outlined in the UK Treasury's consultation document: 4.30 'The new CPMA will be independent of Government, and will take the corporate form of a company limited by guarantee, financed by the financial services industry'. A new approach to financial regulation: judgement, focus and stability - see page 35

The page for the FSA says: 'It is structured as a company limited by guarantee and is funded entirely by fees charged to the financial services industry.' The same description could be used for the FCA. Misterwhiskers (talk) 09:54, 12 September 2012 (UTC)

  •  DoneI did not add this quote directly but I did update the description to call it "quasi-governmental" Gigs (talk) 18:26, 2 November 2012 (UTC)


Please could an editor review 'quasi-governmental' and update this to 'independent agency' Financial Times Article:“The Financial Conduct Authority, an independent agency led by Martin Wheatley,” Misterwhiskers (talk) 09:20, 5 April 2013 (UTC)

I'm declining for now, but if you feel strongly I would suggest getting a second opinion or providing more context. Based on the preliminary research I did on the definition of 'quasi-governmental' and what this organization does, it seemed like an ok way to describe them, unless they are not provided with any resources by the government. "Independent" is open to interpretation, but is supported by the source.
If another editor comes upon this discussion and has a different opinion, please make whatever change you feel is appropriate. CorporateM (Talk) 17:49, 6 April 2013 (UTC)

While there’s a case to be made that quasi-governmental could just mean ‘supported by the government but managed privately’, Wikipedia itself defines ‘quasi-governmental’ as a synonym for a quango (and a quango is popularly understood to be funded by taxpayers or financially supported by the government). See:

What does quango stand for? Quasi-Autonomous Non-Governmental Organisation….an organisation that is funded by taxpayers, but not controlled directly by central government. BBC news website

A quasi-governmental organization, corporation, business, or agency (parastatal) or a "quasi-autonomous national government organisation" (Quango) is an entity that is treated by national laws and regulations to be under the guidance of the government but separate and autonomous from the government. Wikipedia

Here are some sources supporting the fact the FCA is independent from government, funded by the firms it regulates and different from the popular understanding of ‘quasi governmental / quango’.

‘The FCA will be responsible for the conduct regulation of all retail and wholesale financial services firms operating in the UK and will be the UK markets regulator and listings authority. It will also carry out prudential regulation of all firms not regulated by the PRA. It will operate as an independent body separate from Government, financed by fees paid by the financial services industry.’ HM Treasury press release

From the Financial Times (emphasises the FCA’s independence and shows where its fees come from – firms not taxpayers): ‘The Bank of England announced on Tuesday that its new Prudential Regulation Authority arm will cost £214.2m on top of the £432.1m that the independent Financial Conduct Authority has already proposed.’ FT.com

Misterwhiskers (talk) 14:50, 16 April 2013 (UTC)

Meriam Webster's definition of Quasi-Governmental: "supported by the government but managed privately". Since the government created the organization, but it is managed independently, this seems like a fit. Also, there are sources calling FCA quasi-governmental, so you would need to request a correction from them before asking us to make one. We can only repeat what the sources say. When I do a search on Wikipedia for quasi-governmental, the article includes "created by government" even if it's not funded by it. I think you would have better luck asking us to add information about who funds the organization, however in any case I don't see this going anywhere without a subject-matter expert, which Request Edit will not deliver. CorporateM (Talk) 15:49, 30 July 2013 (UTC)
 Done. I've reworded the lead a bit, basically accepting this edit request. Misterwhiskers makes a good argument that we don't want the FCA to be confused with a quango, and its independent status seems apparent from the sources they presented. — Mr. Stradivarius ♪ talk ♪ 11:17, 23 October 2013 (UTC)

CPMA[edit]

This information is misleading as the new conduct regulator was only ‘provisionally named’ the CPMA, and the TSC did not conclude that the name is ‘misleading’. The Treasury Select Committee’s TSC's Jan 2011 report on Financial Regulation [1] concluded the following: "branding the CPMA as a ‘consumer champion’ would be inappropriate, confusing, and potentially dangerous". Misterwhiskers (talk) 11:55, 9 August 2012 (UTC)

Suggested wording: The conduct regulator’s provisional name of Consumer Protection and Markets Authority (CPMA) was changed after the Treasury Select Committee concluded that branding the CPMA as a ‘consumer champion’ would be potentially misleading.

Reason: The new conduct regulator was only provisionally named the CPMA. It was not the name that the committee commented on, but the branding of the new regulator as a ‘consumer champion’. Misterwhiskers (talk) 15:30, 16 August 2012 (UTC)

The cited document is 85 pages long. Please indicate the precise page or pages which support the proposed edit. If an alternate reliable source that is independent, such as a news story, can also be provided, that would be better. DES (talk) 04:32, 20 August 2012 (UTC)

The text quoted in the Treasury Select Committee’s TSC's Jan 2011 report on Financial Regulation [2] is in the fifth paragraph of page 6.

Further background is in this article from the Telegraph newspaper. It states "The FCA has a new name, having been launched under the working title of the Consumer Protection and Markets Authority"

I updated it slightly based on this source[3]. CorporateM (Talk) 17:47, 6 April 2013 (UTC)