It appears the City regulator – the Financial Conduct Authority – has finally woken up from its lockdown slumber and decided to go all bold on us. Miracles never cease – I thought it had gone into permanent hibernation (if only the pesky squirrels in my garden would do so).
Last week, the FCA revealed ambitious plans to turn a nation of savers into investors. It also promised to protect investors from scams and warn them away from higher-risk investments (usually involving cryptocurrencies).
All rather messianic and all rather unusual for an organisation that has a bit of a reputation – fuelled by scandals such as Woodford and London Capital & Finance – for preferring to do nothing until it is too late. Fiddling while Rome burns.
Finger on the pulse: We must give the FCA the benefit of the doubt and pat it on its bureaucratic back
Indeed, you could argue that these ambitious plans are also far too late. After…