In an article for FT Adviser, White & Case partners Anneka Randhawa and Neill Blundell look at the new five year strategy for the UK's Financial Conduct Authority (FCA) and the recent report by the all-party parliamentary group on investment fraud and fairer financial services.
The article covers the four key themes of the new strategy, which Emily Shepperd, chief operating officer at the FCA, delivered in a speech at The City UK's national conference in Birmingham on November 26, 2024. Commenting on the themes, Randhawa and Blundell write:
"It is encouraging to see that the FCA has placed operational efficiency as a top priority.
"Ever since announcing its aim of becoming a data-led regulator, the FCA has faced criticism for not understanding the costs its actions incur for firms and individuals. The regulator's pledge to streamline the regulatory process and operate with pragmatism will only aid its transformation.
"The rest of the key outcomes are similar to those from three years ago: to combat financial crime, improve consumer resilience and facilitate growth.
"However, the means of achieving these outcomes appear to be adjusted and expanded. For instance, we may see the FCA taking on more onus for empowering customers to make informed decisions, rather than mainly relying on firms' compliance."
Read the full article here.
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