Q1. Does the new regulatory structure in the UK matter, when most of the new financial regulation is being dictated by the EU either in the form of directives or direct regulation?
Q2. Concerns have been expressed that many of the staff from the now-discredited FSA have simply been transported across to the new regulatory bodies, hence nothing will change. Have the regulators done anything to indicate a cultural shift?
Q3. What does the FCA mean when it says that it's aiming for higher standards? How would it act differently to what the FSA did?
Q4. The FCA is talking about more intrusive supervision. Can you give us an example of what that might mean for small, mid-sized and large firms?
Q5. What is the likely impact of the regulation of remuneration policy? Which types of firms are likely to be covered by such regulation, and which firms are likely to be immune? Is there a credible threat that talented people will leave banks to move into private equity etc, or even leave the UK altogether?
Q6. In relation to product intervention by the FCA, how is a product defined? Say that a firm offers a 6-month deposit paying 2 percent, and now wants to market a 12-month deposit paying 3 percent - does that count as a new product? And does the firm need to run it past the regulators?
Q7. Can you give us an example of how product intervention might work?
Q8. What new powers can the FCA exercise?
Q9. The FCA says that firms need to start putting customers at the heart of their business. Presumably that's what the firms have been doing to stay in business in a highly competitive environment. What more do they have to do?
Q10. Two regulators will cost more than one. By how much do you expect the cost to risk for small, mid-sized and large firms?
Q11. What is the risk that all the effort going into the regulatory overhaul will just result in more complex regulation rather than better outcomes for customers?
Q12. What are your main concerns, hopes and expectations for the new regulatory system?