Oct. 16 - Brussels regulatory control and policy intervention is a reality despite FCA independence, argues the watchdog's new chief Martin Wheatley.
In terms of being lost as of urine -- and I -- How much -- Will you be the monster of fat tests in the oil and how much will you be implementing. Policy from Brussels. -- that's the point so it's a statue terribly we'll sets up by a UK instrument so that's what defines -- core objectives. But increasingly the policy interventions. Will be coming from Brussels so as a strong desire. That for the creation of the single EU market. We move. Forwards from directives which have. Fairly flexible interpretation in different countries to regulations which. Absolute requirements so you get that that's reality of life that is as long as we possibly use that becomes a drive of the policy that we then implement. And and of course we're talking wholesale now but this will increasingly be in the retail space to write it Al. Now our artists' experiences that we probably quite a way ahead. Hopeful most -- European countries in -- thinking about retail conduct the retail space and the RT although we -- introducing the end of this year much of that has been picked. -- optimistic. Tolerant mortgage market review which will be announcing shortly much of that will feed into the EU's -- thinking all mortgage policy. So I think it's that so that we already -- in many respects. But but that will change and and much of the current. Thinking of -- -- level is is how the retail space fees fees reflect -- in regulation. -- when we lost what you view it. Is that it was a fun part of the discussion messages as of -- this is the hardest to prevent had he said yes it is. I imagine it's getting harder. As part is is Paul is possible that the encroachment from Brussels. I think that the -- -- into the we're dealing with -- -- and it's a huge agenda so we're dealing with an agenda which is in -- by Brussels. In part driven by Dodd-Frank in the US in far and -- driven by. The -- -- huge range of regulatory change that is being generated from every part of the industry whether it's an Oscar for the financial services book. And on top of that we are uncovering unfortunately. Many many species that predate this period so it. Now book recently on interest rate swaps and some of the areas in in PPI. To give back a few years but without having to deal with them so we -- about agendas to deal with. And we got the strange agenda of designing any structure so that that's a lot to be dealing with a one time and then of course more recently -- libel was was something that the hadn't been -- -- -- prominence and on the horizon but has taken a huge amount of time.