Nikhil Rathi has spoken on building a regulatory environment for the future. He focused on the opportunities Brexit has given for the UK to tailor its rules. Much of his speech addressed ESG issues, but he noted also that FCA will be setting a high bar at the authorisation gateway. He mentioned that 1.450 EEA firms are currently using the TPR, and says FCA will rigorously review all applications. It is prioritising asking the firms that could cause most consumer harm to seek full authorisation early on, and has already restricted the business of 13 firms and is taking steps to remove another 130 from its regulatory perimeter.
He also noted the significant number of firms who are not meeting FCA’s standards to be registered under the MLRs as crypto asset firms, and said it has identified, and listed on its website, over 100 firms who should be registered but are not – and it will be taking further action.
He also said FCA will be looking closely at firms’ activities and will act to remove permissions that are being misused or just not being used.
The sandbox will still play a large part in FCA’s activities, and it will support growing fintech firms at the time they need it.
Meanwhile, FCA will continue to play a large part in international work.