FCA speaks on role of regulation in growth

Sarah Pritchard, Executive Director at FCA, has spoken on the regulator’s role in encouraging growth.  Key points in her wide-ranging speech included:

  • FCA’s commitment to showing speed and agility, providing regulatory certainty and responding quickly to market changes;
  • How FCA’s backlog for pending authorisations has reduced by 40% from last year;
  • how it is trialling automated forms to be easier both for applicants to complete and FCA to assess;
  • the benefits of outcomes-focussed regulation;
  • the move towards now being able to give interpretations and ultimately regulatory certainty on matters which have stemmed from EU requirements (primarily MiFID 2);
  • initiating a project to carry out a holistic review of advice and guidance within the investments market better to reduce regulatory burden – and it hopes to be able to progress this better given its expected new powers under the FSM Bill;
  • success of the Regulatory Sandbox, with over 90% of the firms passing through it becoming authorised – and the planned support for 300 early and high growth firms;
  • working with other regulators on making payments safe;
  • the importance of the FSMB proposals on designation of critical third parties;
  • strengthening market governance, and making primary and secondary markets work better;
  • using data better to promote effective competition; and
  • making regulatory changes where appropriate for regulation to work better – with an example of FCA’s Consumer Investments Strategy;

Emma Radmore