In a letter written by the Financial Conduct Authority to the Prime Minister, Sir Keir Starmer, last week, CEO Nikhil Rathi has set out a new approach “to ensure regulators and regulations support growth”. The letter outlines the FCA’s commitment to making growth a cornerstone of its strategy through 2030 and details plans to remove “unnecessary regulations”.
OneAdvent’s head of compliance and risk, Richard Palmer, responds to the regulator’s correspondence;
“In the lead up to Brexit, many financial services commentators predicted a ‘Bonfire of the Directives’, which never really caught alight. Now those same voices within the industry are asking whether the flames will finally take hold following the FCA’s recent letter to the PM. Well, perhaps there still won’t be a bonfire but it looks like there will be a candle or two lit as the FCA indicates that it will reign back some of the more onerous (and some would suggest, ineffective or redundant) regulatory administrative burdens which financial services firms are facing (and quite often, questioning). What will happen to Consumer Duty remains to be seen, but the next few years promise to be an exciting time for the financial services sector.”
The FCA’s letter comes in reponse to calls from the government in December of last year, which asked for “concrete proposals” from regulators to “prioritise growth”.
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