Mr Rathi said that regulator has made a commitment to be a more innovative, adaptive and assertive regulator in its 2021-22 Business Plan released this morning.

The plan is Mr Rathi’s first since joining the regulator in October 2020.

He said Financial Planners can expect to see a regulator that operates differently, partners differently and communicates differently.

He said: “The FCA must continue to become a forward-looking, proactive regulator. One that is tough, assertive, confident, decisive, agile.

“One that acts, acts fast—and where we can’t act, engages enthusiastically with those who can.”

Mr Rathi also acknowledged that to achieve this there would be a lot of work to do and a lot of change coming over the next 18 months.

He said: “Over the next 18 months you will continue to see an FCA that looks and feels even more different. One that operates differently, partners differently, and communicates differently.

“One that delivers market integrity and delivers for the consumers that we serve. One that is not only purposeful but that is fit for purpose.

“There is a lot of work to do. And I am confident that we have the right strategy, the right people and the right ambition to do it.”

As part of its business plan, the FCA announced that it will begin a review of the scope and coverage of Financial Service Compensation Scheme (FSCS).

Priorities listed by the FCA include:
• Strengthening rules on financial promotions to protect consumers in relation to investments
• Continuing to improve standards of pension advice
• A consumer campaign on scams and high-risk investments
• Progressing proposals for a new Consumer Duty to raise standards in firms’ treatment of consumers
• Using the FCA’s authority and influence to work with partners to help drive down the incidence and impact of fraud
• Improving diversity and inclusion, both at the FCA and in regulated firms
• Supporting environmental goals by adapting the regulatory framework to enable a market-based transition to net-zero carbon emissions

The regulator said that it will also be consulting on changing the balance between decisions taken by the FCA executive and the Regulatory Decisions Committee. The proposed changes aim to streamline decision making on authorisation applications and specific supervisory and enforcement decisions.

The regulator also said that it is exploring opening an office in Leeds, in order to become “a regulator for the whole of the UK”, with at least 100 staff based there in the first phase. It is also looking to establish a presence in Belfast and Cardiff.