Laura WilesEmily Shepperd, FCA chief operating officer, has delivered a speech on the regulator’s incoming strategy, at the TheCityUK National Conference in Birmingham.
The FCA’s new 5 year strategy is set to focus on four key themes:
- Becoming a more efficient and effective regulator
- Tackling financial crime
- Building consumer resilience
- Supporting economic growth and innovation
Shepperd highlighted that trust in the FCA and the financial services sector will be crucial to achieve these themes, pursue growth, seek proportionality in regulation, and encourage innovation. She also noted that there would need to be discussions as to the risk appetite of the sector.
The FCA’s current strategy is in its final year, and Shepperd noted progress delivered against its three key commitment areas: reducing and preventing serious harm; setting and testing higher standards; and promotion competition and positive change. The FCA has decided to lay down a 5 year strategy next, looking towards 2030, as it has learnt from its current 3 year strategy that change takes time to deliver effectively.