, refused six times to say how much the watchdog could fine lenders over inadequate savings rates. 'I can't go into the range of fines,' Mills told BBC Radio 4. His evasiveness was not well received by Chris Mason, the BBC's political editor, who snapped after the FCA director claimed he had been 'clear' about the action the regulator could take. 'You haven't been clear, you haven't been remotely clear,' Mason rebutted. 'I've asked you about how high fines could be and you've not got anywhere near a number. That's not clear.' The watchdog has come under increasing pressure in recent weeks on two fronts. First, over concerns that lenders are profiteering from rising interest rates and second, over accusations it has been asleep at the wheel over debanking concerns triggered by a row between Nigel Farage and Coutts. For months, the FCA has proclaimed its new 'consumer duty' – a flagship policy that launched last week – will act as a key tool to keep the companies it regulates in check and make sure they are offering customers fair value. On Tuesday, Mills said the policy will be central to how the FCA deals with lenders who are failing to boost saving rates fast enough.){kind=link}
Those responsible for regulating the industry face mounting pressure to act
In a testy exchange over banks’ soaring profits last Tuesday, a senior director at the City watchdog floundered after a series of elementary questions.
Sheldon Mills, head of consumers and competition at the Financial Conduct Authority (FCA), refused six times to say how much the watchdog could fine lenders over inadequate savings rates.
“I can’t go into the range of fines,” Mills told BBC Radio 4.
His evasiveness was not well received by Chris Mason, the BBC’s political editor, who snapped after the FCA director claimed he had been “clear” about the action the regulator could take.