John Griffith-Jones, chairman of the Financial Conduct Authority (FCA), said earlier intervention tends to spark disagreement with providers over whether the regulator’s action was in the best interest.
Speaking at the ABI biennial conference today (9 July), Mr Griffith-Jones identified four priorities for the industry. He said products should be designed to meet a genuine need, should only be sold to those with a genuine need, customers must be treated fairly and there must be sufficient disclosure and transparency so people understand what they are buying.
Mr Griffith-Jones said: “My plea is if we want to have a relationship with each other, when it is you whose interests are impacted by early intervention you do not reach for your lawyer but speak to the regulator.
“We cannot be seen as being in the pocket of the industry.
“We are doing a reasonable job. The direction of travel is becoming increasingly clear by the way we respond to things that hit the headlines in the last 100 days.
“We are getting around subjects that directly impact the consumer.”