There's a new regulator in town

Since the beginning of April, the financial services industry is being regulated by a new government agency, the Financial Conduct Authority (FCA).

The FCA supercedes the Financial Services Authority (FSA) and regulates companies providing financial services in the UK. Their remit is to advise customers on which providers to trust, allowing you to conduct your financial affairs with confidence.

Their website, www.fca.org.uk, currently holds information for consumers as well as companies, highlighting spams and explaining complaints and compensation procedures.

Just as the new body gets up and running, its Practicioner Panel, which is headed up by nationwide Chief Exec Graham Beale, has warned that the new body should not over-react to market problems, but also needs to improve communications with the firms it regulates.

It'll be interesting to see how the new agency develops over the next few months.