Charles Randell, Chair of FCA and PSR has given a speech to the Finance & Leasing Association in which he outlined the ways in which the financial services sector has changed post-Covid and how FCA must adapt to reflect this. The speech identified that FCA intends to change in the following five key ways:
- by focusing on the regulatory gateway to ensure that firms regulated by FCA are using their authorisations appropriately and that firms which do not need to be authorised are deauthorised;
- by continuing to prioritise consumer protection by addressing issues around safe and accessible payments; sustainable credit; clear and safe investment choices; and fair product terms, including price;
- by leading by example to encourage firms to take an outcomes focused approach to regulatory compliance; and
- by encouraging amendments to legislation and regulation to adapt to a rapidly changing financial services sector.
The speech concludes by outlining the ways in which Nikhil Rathi, FCA’s new chief executive, has already begun to take significant steps to ensure the above changes are put into practice.