Speaking at the PIMS conference aboard the Aurora last week, Gay said the move to a new regulatory structure presents the opportunity to hold the FCA to account where the FSA has not been previously held accountable.
He said: “Accountability is an issue I have spoken to the FSA about on a one-to-one basis at the highest level and I think the regulator recognises there are issues there.
“The FSA is not unwelcoming of the fact that the Financial Conduct Authority and the Prudential Regulation Authority will be accountable to the National Audit Office.
“What I think we are going to see is a door that is at least semi-ajar to bring pressure through the Parliamentary process and hold the regulator to account.”
Gay believes the FCA will have a greater requirement to report its regulatory failings and listen to bodies such as the Financial Services Practitioner Panel.
He added: “I cannot control the FSA, but I can make sure it continually hears the voice of the IFA community and some of the time we succeed in getting it to do what we want it to.”