Nikhil Rathi, FCA chief executive
The FCA is moving swiftly to cut red tape to support growth in financial services, FCA chief executive Nikhil Rathi told delegates at an event today.
In a speech to the Association of British Insurers, he said the regulator was working “at pace” to support growth initiatives.
He said: “You may be surprised in the coming weeks at the pace we will move on the 50 or so growth proposals we made to the Prime Minister.”
In a letter to the Prime Minister last month Mr Rathi pledged to “revolutionise financial advice” and achieve “deep reforms” to break down the barriers to business growth in financial services.
Today he promised that there would be changes soon on mortgage affordability, digital payments, removing redundant data returns, supporting international promotion of UK financial services, opening up to more innovative firms and cutting barriers between regulators.
He said: “We want to streamline our work. End duplication.”
He said that last month the regulator moved to remove the requirement for a Consumer Duty Board champion at firms meaning from this morning, boards can decide for themselves whether or not to have one.
He said: “At the FCA, we are willing to be bold. Last year, we made far-reaching changes to our listing rules. More fundamental change is coming on prospectuses.”
Dealing with concerns around the pace of regulatory change, Mr Rathi said the FCA was aiming for fewer large-scale changes in its next 5-year strategy.
But he reiterated that the regulator will not reduce its focus on its primary objectives.
He said: “The ability of consumers to access the right products for them – good quality, fair-value products – when they need to is central to our purpose. It will be an important part of our next 5-year strategy.”
He added: “Trust in the FCA and the financial services sector underpins the key themes running through that strategy: supporting consumers, supporting economic growth, tackling financial crime, and driving our own effectiveness.”
