Yes, I am comparing the FCA to a reptilian monster

Problems regrow with the new financial services regulator.

Monday’s handover of responsibility for UK financial services regulation from the FSA to the new Financial Conduct Authority (FCA) and the Prudential Regulatory Authority (PRA) had a touch of Hercules’ second labour about it.

For the less classically inclined among you, that’s the one where Hercules lops the head off the Lernaean Hydra, only to find two heads growing back from the stump. And while I don’t intend to be malicious in comparing our new regulators to an aggressive reptilian monster, the multiple heads part at least is quite apt.

Because as well as the obvious duality of the new status quo – the PRA will supervise lenders as an arm of the Bank of England while independent agency the FCA will concentrate on ensuring good behaviour among the same pool of companies – there’s also a serious split in priorities for the new bodies.

Commenting on this week’s changing of the guard in finance, the FT’s Brooke Masters called the sector that the FCA and PRA were opening their doors to “reviled and weary” – two well chosen words.

Reviled because, as was pointed out in a report by KPMG last week. reputational issues and the restoration of consumer trust are set to be the biggest challenges faced by lenders in the months and years to come. After all, it was disappointment over the old FSA’s failure to avert the boom and bust of the late 2000s that led to George Osborne announcing the new regime back in 2010.

Weary because, having experienced a more severe drubbing in 2008 than most of the world’s financial centres, and with a UK economy still barely hovering beyond the grip of recession, financial institutions of all kinds are desperate for room to grow.

On the one hand, the new regulators have consumers (and those who rely on their votes) expecting a bloody-knuckled champion, and banks begging for a pair of watchdogs that won’t drown them in twin torrents of red tape.

The situation is summarised nicely on the FCA’s home page, where a photograph of a woman on a British high street, captioned “Making sure consumers get a fair deal” sits alongside an image of a confident-looking businessman, captioned “Making markets work well”. The consumer and the businessman are facing in different directions.  

Photograph: Getty Images

By day, Fred Crawley is editor of Credit Today and Insolvency Today. By night, he reviews graphic novels for the New Statesman.

#Match4Lara
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#Match4Lara: Lara has found her match, but the search for mixed-race donors isn't over

A UK blood cancer charity has seen an "unprecedented spike" in donors from mixed race and ethnic minority backgrounds since the campaign started. 

Lara Casalotti, the 24-year-old known round the world for her family's race to find her a stem cell donor, has found her match. As long as all goes ahead as planned, she will undergo a transplant in March.

Casalotti was diagnosed with acute myeloid leukaemia in December, and doctors predicted that she would need a stem cell transplant by April. As I wrote a few weeks ago, her Thai-Italian heritage was a stumbling block, both thanks to biology (successful donors tend to fit your racial profile), and the fact that mixed-race people only make up around 3 per cent of international stem cell registries. The number of non-mixed minorities is also relatively low. 

That's why Casalotti's family launched a high profile campaign in the US, Thailand, Italy and the US to encourage more people - especially those from mixed or minority backgrounds - to register. It worked: the family estimates that upwards of 20,000 people have signed up through the campaign in less than a month.

Anthony Nolan, the blood cancer charity, also reported an "unprecedented spike" of donors from black, Asian, ethcnic minority or mixed race backgrounds. At certain points in the campaign over half of those signing up were from these groups, the highest proportion ever seen by the charity. 

Interestingly, it's not particularly likely that the campaign found Casalotti her match. Patient confidentiality regulations protect the nationality and identity of the donor, but Emily Rosselli from Anthony Nolan tells me that most patients don't find their donors through individual campaigns: 

 It’s usually unlikely that an individual finds their own match through their own campaign purely because there are tens of thousands of tissue types out there and hundreds of people around the world joining donor registers every day (which currently stand at 26 million).

Though we can't know for sure, it's more likely that Casalotti's campaign will help scores of people from these backgrounds in future, as it has (and may continue to) increased donations from much-needed groups. To that end, the Match4Lara campaign is continuing: the family has said that drives and events over the next few weeks will go ahead. 

You can sign up to the registry in your country via the Match4Lara website here.

Barbara Speed is a technology and digital culture writer at the New Statesman and a staff writer at CityMetric.