Oct. 16 - The priority of Britain's new financial conduct watchdog should be to promote competition in the sector to give customers more choice, according to the Financial Secretary to the Treasury Greg Clark.
The legislation. Implementing the government's reforms -- -- system but it's still being debated in parliament. Of course the precise calibration. Of the F series functions -- house may change as a result of the parliamentary process. However because there is such broad support for a new. Credible and focus regulation of content in financial services. I think it's sensible to be setting out now and cheering for consultation. The proposed approach. That -- weekly and his colleagues intend to take. The FCA. Needs to be and needs to play a crucial role. In securing the truck comes from consumers of financial services is the first time that the financial services regulates from the UK would have such a an active and specific world. In promoting competition. First the the bill proposes to give the FCA a new operational objective to promote effective competition in the interest of concedes. This objective would be on Apollo with the market integrity and consumer protection objectives. It would enable the FC to use its full suite of retreat house to promote compassion markets. But good for less. To make it clear that we consider competition not just an end in itself. But also -- means to achieving other girls replacing the FCA 800 new competition juicy. To some farms is compatible with acting in a way that advances compete consumer protection. And integrity objective. To discharges general functions in a way that promotes effective competition. In the interest of consumers. -- -- will problem -- to think first about whether can use competition. Wrong panera regulation. To achieve and -- A competition. Is of huge importance -- efficiency drives innovation can lead to lower prices for consumers a better quality products and more choice. Of the financial crisis of course has led to a consultation. In the financial services sector resulting resulting in less competition. On hope this will be tempered. I just regulators have been in -- for intervening. To get the banks strengthen their balance sheets for the crisis. We need strong -- -- to promote competition. This is an urgent task and I see it the government sees -- as a priority for this game in its illustrious.