City told it may lose status on bad behaviour

Tim Wallace
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LONDON’S status as a top financial centre is not guaranteed forever, the City’s top watchdog said last night.

Financial Conduct Authority (FCA) chairman John Griffith Jones warned firms must treat customers better to avoid tarnishing their images further.

“Today, London is an international financial centre of choice, not a financial centre of necessity,” he told a CityUK event. “The key challenge for the firms is to bring about a significant change in behaviour.”

He yesterday pointed to the FCA’s action to make banks contact all interest-only mortgage customers well ahead of their products expiring to nip any repayment problems in the bud as an example of the new system.