Mon, May 4, 2020

Mark Turner Featured in FT Adviser Discussing the FCA’s Response to COVID-19

Mark Turner, managing director in Duff & Phelps Compliance and Regulatory Consulting practice, spoke to FT Adviser about how the Financial Conduct Authority (FCA) is handling the impact of COVID-19. The UK’s financial regulator is faced with the major task of finding ways to prevent consumer and market detriment.

Mark says, “The government itself through the Treasury is looking to support the economy and individuals who are under a massive shock with something that has happened without warning and is more far-reaching than we have ever experienced. The FCA is also seeking to ensure that those government measures are implemented and accessible, because time to market is critical, and for some institutions something that might be happening in two or three months may well be too late.” 

“It is important the FCA remains nimble as this crisis unfolds. We are potentially at the beginning of something that could have quite far-reaching consequences. Having said all that, I don’t think the FCA has the resource to manage every issue a company has. Firms have to manage themselves.”

Mark also notes the regulator has a job to do to manage occasions where conflicts could arise between what is in the best interest of the consumer, the companies that service the consumer and the economy as it rolls out measures.

Read the full article here.