07/15/2021 | Press release | Distributed by Public on 07/15/2021 00:19
Nikhil Rathi said:
'The FCA must continue to become a forward-looking, proactive regulator. One that is tough, assertive, confident, decisive, agile.
'One that acts, acts fast-and where we can't act, engages enthusiastically with those who can.
'Continuing to be more innovative, assertive and adaptive.'
In a statement on 'our role' the FCA says it will be accountable for its progress on:
Nikhil Rathi added:
'Over the next 18 months you will continue to see an FCA that looks and feels even more different. One that operates differently, partners differently, and communicates differently.
'One that delivers market integrity and delivers for the consumers that we serve. One that is not only purposeful but that is fit for purpose.
'There is a lot of work to do. And I am confident that we have the right strategy, the right people and the right ambition to do it.'
The Business Plan sets out the key areas of focus for the FCA in the coming year.
In consumer markets priorities include:
In wholesale markets the focus includes:
The Business Plan also sets out a number of cross-cutting priorities including:
The FCA announced today that it will begin a review of aspects of the rules on the scope and coverage of Financial Service Compensation Scheme payouts, for specific regulated activities.
The FCA will also be consulting on changing the balance between decisions taken by the FCA executive and the Regulatory Decisions Committee, which is a sub-committee of the Board. The proposed changes aim to streamline decision making on authorisation applications and specific supervisory and enforcement decisions.
The Business Plan commits the FCA to becoming a regulator for the whole of the UK. At present the FCA has offices in London and Edinburgh. It is exploring opening an office in Leeds with at least 100 staff based there in the first phase; doubling headcount in Edinburgh to over 200 over the next 2 years; and establishing a presence in Belfast and Cardiff for the first time by the end of the year.