In Conversation with Camille Blackburn, FCA’s Director of Wholesale Buy-side – write-up of FBC event on 2 March 2023 

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Our FBC digital meeting on 2 March 2023 provided our corporate members with a chance to question the FCA on the key messages in their latest Dear CEO letters covering supervisory strategy and implementing the Consumer Duty. The discussion started with Camille Blackburn, the FCA’s new Director of Wholesale Buy-side, being interviewed by Philip Warland, chair of FBC’s Advisory Council. Attendees swiftly joined in with ample questions for Camille and her colleague Donald Mackay, a senior asset management supervisor.  

Camille highlighted the FCA’s Consumer Duty goal: looking to support a better outcome for retail consumers. Camille acknowledged that most asset managers are product manufacturers, but noted that their products are ultimately sold to retail clients through a value chain. She emphasised the importance of manufacturers considering their role in that value chain and asking what material influence they have on prices, materials and support provided to retail customers. This includes thinking about what issues could be foreseen and which could cause harm.  

The hour-long session addressed a myriad of questions, including:  

  • distributor insight for regulatory compliance,  
  • independent directors and the importance of robust enquiry,  
  • the Sustainability Disclosure Requirements (SDR) and labelling regulation,  
  • the three questions FCA supervisory visits would typically involve in light of the key risks highlighted in the Dear CEO letter  


FBC corporate members can watch the full recording and write-up of the session