UK - The Financial Services Authority is now functioning as parliament intended but there is still room for improvement, outgoing chairman Sir Howard Davies says.
Sir Howard told the annual general meeting – his last as FSA chairman – that any improvement would be “a job for my successors”.
He said that over time the regulator should do more to “help consumers make good decisions for themselves, and better to understand risk and the benefits of diversification”.
He added: “A key challenge for the future, therefore, is to expand our work on financial literacy and consumer information.
“In particular, while we have prepared an enormous amount of material which could help consumers make better decisions, our readership is not yet wide enough. We must find ways of reaching more people.
“Similarly, while we have developed an imaginative suite of teaching materials for financial literacy in schools and colleges, the task now is to encourage more institutions to incorporate it into their curriculum.”
The FSA will be bringing forward some proposals in that area in the autumn, he added.
Sir Howard’s role as chairman will be filled by Callum McCartney – the current chairman of the Gas and Electricity Markets Authority – while John Tiner will take on the role of chief executive.
This week's edition of Professional Pensions is out now.
Ben Gunnee reflects on 2018 and talks about the Fiduciary Management trends to keep an eye on in 2019
Lloyds Banking Group secured 630,000 new pension customers last year, according to its 2018 annual results.
Guy Opperman has rejected calls to speed up changes to auto-enrolment (AE) despite increasing pressure to boost contribution rates and overall savings pots.