FCA speaks on challenges of growth

Nikhil Rathi spoke to the ABI on how the FCA is looking to support growth while keeping strong consumer protection. He highlighted:

• the far reaching reforms to listing and prospectus rules
• the removal of the expectation that firms have a Consumer Duty champion
• the aims of the Advice Guidance Boundary Review and
• upcoming proposals following its consultation on reforms to regulation of wholesale insurance

He noted that the FCA plans to move quickly on the 50-odd growth proposals it has made to the Prime Minister on mortgage affordability, digital payments, removing redundant data returns, supporting international promotion of UK financial services, welcoming more innovation and cutting barriers between regulators.]

He highlighted the need for trust between the regulator and the industry, and turned to the FCA’s work on how complaints and redress mechanisms work.