The cancer challenge for the new Financial Conduct Authority

April Fool’s Day in 2013 saw the creation of a new Financial Conduct Authority (FCA) to replace the little missed Financial Services Authority (FSA). But what has this got to do with cancer?

Research for Cancer’s Hidden Price Tag found that the cost of cancer averages around £570 a month. People affected by cancer tell us that their financial problems are further worsened by the poor (or very often, non existent) levels of support provided by banks, and the rest of the financial services industry.

Macmillan want to ensure that the FCA’s new ‘consumer focus’ will bring about a big change in how banks and insurance firms help people affected by cancer.

FCA v s FSA - What’s the difference?

The new FCA, like the old FSA, will regulate how:

1. financial products operate
2. products and services are sold
3. banks and insurance firms conduct their business.

However, crucially, unlike the FSA, the FCA only has three objectives, and two of them are focussed on consumers – the new organisation will:

1. protect consumers
2. ensure the industry remains stable
3. promote healthy competition between financial services providers

Online resources for customers

The immediate effects are visible on the FCA website. Instead of unintelligible bankerspeak that populated the old FSA website, there’s now information for consumers to empower them to deal with banks and insurers, to ensure that they get the best deal.

The website also explains how the FCA will regulate banks and insurers to prioritise consumers’ interests.

This change in focus is already evident in initial conversations Macmillan has had with FCA officials. They were keen to learn more about the problems encountered by people affected by cancer, and how banks and insurers can help support them.

There is a long way to go, and no quick fix, to get banks and insurers to provide the support their customers affected by cancer deserve and need. 

However, Macmillan looks forward to working with the FCA to bring this about, and to seeing a long overdue change in the experiences people with cancer receive from banks and insurers.      

Want more info?

Contact me on njohnson@macmillan.org.uk to find out more about the Financial Conduct Authority (FCA) and how we're trying to work with them to ensure better outcomes for people affected by cancer.