There was once a time when the FCA (and its predecessor body,
the FSA) would declare that it was "not a price regulator." By this it meant
that while it may put in place rules to promote good conduct,
market integrity and fair competition, it did not look to involve
itself directly in the prices that regulated firms could charge to
their clients or customers.
However, in recent years this hitherto consistent message has
been modified. If you now ask senior figures at the FCA if it is a
price regulator, the answer in the words of Mary Starks, until
recently the FCA's Director of Competition and Chief Economist,
is "it depends." Indeed, in its recent Approach to Competition, the FCA states that
"there may be times when we need to intervene directly to
protect consumers, such as on product standards or, more rarely, on
price."
