From Diocletian to payday loans: what can we learn from successful and unsuccessful price regulation?
SMF speech by Mary Starks, Director of Competition and Chief Economist at the Financial Conduct Authority.
The issue of whether and how prices are regulated can be central to the success, fairness and robustness of markets. In this speech, Mary looked at a range of examples of price regulation, from New York rent controls to capping pension exit charges, identifying lessons regulators can learn from each of these. She discussed how the FCA is (and isn’t) a price regulator.
Mary Starks is Director of Competition and Economics at the FCA, sharing the job with Deb Jones. Together they run the Competition and Economics division at FCA, now 130-strong, with a wide-ranging programme of competition casework underway. Mary is also the FCA’s Chief Economist. Previously Mary was a Senior Director at the OFT, where she had worked since 2008. Among other things Mary was responsible for the OFT’s financial services work, and its change programme. She is an economist by background, and has previously worked at the New Zealand Commerce Commission, NERA Economic Consulting and the Bank of England.
Mary Starks, Director of Competition and Chief Economist at the FCA
James Kirkup, Director, SMF