Following the news that Andrew Bailey has been appointed as the new FCA chief, Anthony Morrow, Chief Executive and Founder of new online investment advice business, eVestor said:
“Andrew Bailey has a mammoth job ahead of him, yet he also has an opportunity to bring about real and effective change.
“Bailey is in a position to prove that the FCA has not just the appetite, but also the teeth to make the tough calls against big players within the industry. What is key is that he enforces the message, through actions, that the FCA supports innovation, rather than paying lip service.
“What the sector needs now is to fundamentally change and this can only be achieved through realistic and long-term outcomes. Pensions need to be top of the to-do list and Bailey and the FCA must put huge focus on the asset management review.
“Ultimately, people want to be assured that the FCA is looking out for them, not pandering to large political players that lobby strength.”