Nikhil Rathi, CEO of the FCA gave a speech yesterday at the Address to the City Regulators, Mansion House.
The speech kicked off by focusing on the current environment. He confirmed that more than 4.4. million payment deferrals have been granted across mortgages, credit cards and personal loans.
£14.7 billion in equity was raised on UK markets between April and June this year, and the issuance of corporate debt by UK companies in June increased by 247% compared to January.
As well as coping with the pandemic, the FCA has remained focused on the transition period after Brexit to ensure that temporary regimes are in place and that they are prepared to adapt to the new regime.
Looking at 2021 and beyond, the following are seen as priorities:
- future regulatory framework
- LIBOR transition
- Reshaping financial services, in particular:
- addressing the gaps between generations in terms of wealth and opportunity
- look at the pressure on financially vulnerable, stretched and distressed
- growth of big data, machine learning and AI
- looking at high risk investments and the consumer incentives used.