Nikhil Rathi has spoken on FCA’s vision for regulation of the future. His audience was overseas banks, and he focussed on FCA’s priorities in regulating overseas firms at the same standards as domestic firms, and on the importance of international cooperation and standard setting. He said FCA recognises the flexibility it has post-Brexit and will make the best use of it in the interests of UK financial markets and consumers.
He spoke also of wider issues, including the global challenge of tackling financial crime and money laundering. He stressed how important financial crime controls are to banks and noted FCA continues to impose large sanctions on non-compliant banks.
He finished by outlining FCA’s own transformation agenda and how it is working with its new, consolidated, supervisory team structure. It is now looking to properly set or reset people’s expectations for the organisation, and their understanding of the outcomes FCA is working towards.