Christopher Woolard, Executive Director of Strategy and Competition at the FCA, recently spoke about the FCA’s thoughts on how it approaches the future of regulation. He commented that the FCA will be issuing an ‘open invitation’ for views on this subject.
In particular, he proposed that gearing up to answer this question involved five key steps for the regulator:
- clearly stating what outcomes the FCA wants to see in markets;
- using everything available in the existing regulatory toolkit;
- working with other agencies;
- looking again at what the FCA requires of firms; and
- focusing on the use of technology, and opportunities to bridge the information asymmetry between customers and providers.