From Policy Capture to Public Interest: Rebalancing the FCA’s Objectives for a Fairer Financial System

By Steve Conley, Founder of the Academy of Life Planning

When the Financial Conduct Authority (FCA) was established, its primary duty was clear: to protect consumers. Yet in recent years, a troubling shift has emerged—one that places industry growth above public interest, leaving victims of financial crime struggling for redress and reform.

This is no accident. As outlined in Levelling the Playing Field—a powerful exposé by Spotlight on Corruption—the machinery of economic decision-making in the UK is increasingly being captured by corporate interests through hospitality, meetings, secondments, and opaque lobbying. The Treasury, in particular, has become a revolving door of influence, where banks like HSBC and Barclays enjoy privileged access, while public interest voices are sidelined.

The FCA’s Dual Mandate: A Tilted Scale

The FCA’s statutory objectives include:

• Primary objective: Protect consumers.
• Secondary objective: Promote competition and support the government’s economic growth agenda.

The problem? The pendulum has swung far toward the secondary. As the Levelling report shows, 86.5% of all Treasury stakeholder meetings were with business interests, compared to just 2.3% with consumer or civil society groups. In the first three months of the new government, this figure dropped further to 1.5%.

This lopsided engagement fuels regulatory decisions that favour institutional profit over individual protection. When industry sets the agenda, consumer safeguards erode—and the victims of financial crime are left unheard.

From Plea to Policy: Reclaiming the Language of Power

To challenge this imbalance, we must speak the language of policy—not plea. Here’s how:

1. Use regulatory language
   Reference the FCA’s Consumer Duty as both shield and sword. It legally obligates firms to deliver good outcomes for retail clients. Use it to frame your grievances and demand accountability.
2. Leverage Westminster protocols
   MPs are duty-bound to escalate constituent concerns. Frame your requests with specific, procedural asks—such as parliamentary questions or ministerial meetings.
3. Cite evidence of capture
   Reports like Levelling the Playing Field are critical ammunition. Quote them directly to demonstrate that your concerns aren’t isolated—they reflect systemic failings.
4. Promote inclusive policymaking
   Advocate for departmental participation units, transparent consultation processes, and a central public database of lobbying activity—recommendations backed by civil society.

Why This Matters

When the regulatory framework is skewed toward private gain, trust in government and finance collapses. Victims of financial crime are not just failed by the criminals—but by the very institutions meant to protect them.

We must push to rebalance the FCA’s priorities. Supporting the economy should not come at the cost of consumer protection, financial justice, or basic trust.

A Call to Action

To policymakers: Restore the primacy of the public interest in regulation.

To the FCA: Reassert your consumer protection mandate—loudly, visibly, and without compromise.

To the public: Know your rights. Learn the language of regulation. And speak truth to power—not as a lone voice, but as a growing chorus.

The financial system is ours. Let’s take it back.

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By Steve Conley. Available on Amazon. Visit www.steve.conley.co.uk to find out more.