Nikhil Rathi and Sam Woods, CEOs of the FCA and PRA respectively, have set out the regulators’ current areas of focus. Highlights from Mr Rathi’s speech include that the FCA:
- is collaborating with international partners to deliver a world without LIBOR, transition to a net-zero economy and maintain high regulatory standards;
- is investing to become as much a data regulator as a financial one, working with partners to realise a future where compliance checks can be completed in near real time; and
- is calling on the financial services sector to partner with the FCA to seize the opportunities presented by the profound forces transforming the sector and society.
- updating the PRA’s operating model to reflect changes to its role after Brexit;
- responding to climate change; and
- the review of regulatory requirements for insurers (Solvency II).