Finance Watchdog

Finance watchdog starts makeover to restore reputation! REGULATION by Oscar Wllllams-Grut Evening Standard 8th of April 2022.

The City watchdog has launched a new turnaround plan to repair its bruised reputation. The Financial Conduct Authority today announced a three-year strategy to “improve outcomes for consumers and in markets throughout the UK". The regulator will for the first time publish performance metrics to hold itself accountable and will hire 80 new staff to tackle fraud and scams. It follows a string of recent scandals under the regulator's watch, including the high-profile collapses of London Capital & Finance and Neil Woodford's investment management business.

Critics say the regulator has failed to get to grips with a boom in fraud and scams over the past few years.

Campaigner Gina Miiller said in a letter to MPs earlier this year there was a “mountain of evidence indicating that the FCA is not fit for purpose".

Staff at the FCA are also unhappy, with recent threats to strike over pay and conditions.
“Our new strategy enables the FCA to respond more quickly to the rapidly FCA_chief executive Nikhil Rathi said:changing financial services sector. It will, give us a foundation to continuously improve for the benefit of our stakeholders, and respond swiftly to economic and geopolitical developments

Throughout my 40 years career in Financial Services, specialising in Private Wealth and Family Office, I have been witnessing an increasing number of frauds, and financial scandals, not only from crooks but sometimes by the Regulators themselves manipulating the foreign exchange, interest rates and the creation of cartels.

What Private Clients and Family need now is a bottom-up approach to go hand in hand with the work of the Regulators.

This is because with relative reduction in manpower, it is not possible that Supervisors can pay attention to an individual’s money and investment.

A Private Wealth & Family Office Swiss Certified enhance the value of clients’ investments by overcoming the inevitable risks, ongoing monitoring & controlling of investments and portfolios, due diligence, costs control and the wise management of data.

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#frauds #familyoffice #wealth

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