FCA blamed for DCA crisis
06 November 2024
Sir Howard Davies, former chair of the FCA’s predecessor, the FSA, has blamed the FCA for the DCA crisis, saying a lack of clarity in its rulebook was to blame.
“I’m disappointed there has not been enough regulatory clarity on the rulebook that has meant the court has been able to step in with its own interpretation.
“My general experience is that if the regulator is very clear about the expectations on firms, the courts are usually very reluctant to substitute their judgement for that of the regulator within a statutory context.
“The courts normally back off.”
In response, the FCA said the court decision “did not relate to our rules, but the longstanding legal principle of fiduciary duty”.
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