City regulator outlines state of the sector

THE CHIEF executive of Britain’s city watchdog last night said that there would still be setbacks in the financial sector, but that it “is getting its act together”.

Speaking at the Mansion House last night, Martin Wheatley, the head of the Financial Conduct Authority, laid out the issues: “Poor conduct is still a daily staple of the news – most recently in the wholesale markets. And until this flow of headlines slows, until the change is real and manifest, it will prove difficult to deliver confidence.”

However, Wheatley added that he believes the situation is improving, saying the regulator is “absolutely” reformed. Addressing the issue of mis-selling products to small firms, Wheatley urged banks to speed up their compensation: “The industry is deceiving itself if it imagines that a total of 32 offers accepted, totalling £2m , is adequate progress.”