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Whistleblowers are the finest of their profession. Not only are they showing courage but their knowledge and insights can shine a powerful light on the misdeeds of others in the industry. For the FCA to fail them is more than a wasted opportunity.
Had we been presented with this scenario a decade ago, it would not have required the greatest imagination to envisage a very different pensions world today.
Many desirable things can be achieved through technology but are beyond our control as individuals. We may want these things — need them, even — but we’re limited in what we can do to get them. Adviser tech has a similar headache: technology integration. And I believe we are at an impasse.
The central issue Consumer Duty avoids is the need for regulators to use their powers for early detection and intervention, to nip potential risk events in the bud before they occur and to provide credible external processes where both consumers and whistleblowers feel confident they will be listened to.
The FCA outlined a 14-point action plan on cash savings to banks and building societies. It wants to ensure financial institutions are passing on interest rate rises to savers appropriately.