Chief Executive of the FCA speaks on the future of regulation
Andrew Bailey, Chief Executive of the FCA, delivered a speech on the the future of financial conduct regulation. Bloomberg, London, 23rd April 2019.
The FCA’s Chief Executive speech yesterday on the topic of the future of financial conduct regulation included such topics as regulating in the public interest, the changing purpose of regulation, Brexit and the importance of the transition period and the need for clear principles.
From the speech, highlights include:
- There should be a debate about the future of regulation but this needs to be in a public interest framework.
- The FCA will undertake further work to examine the role of our principles.
- The FCA will consider the most efficient and proportionate options for achieving the substance of a duty of care.
An extract from the conclusion notes:
“…The canvas on which we work is big, and at times daunting. But, more than ever, it requires our attention.
Brexit will clearly be a defining factor. I do think that, left to our own devices, the UK, with its common law system and large, global financial markets, would construct financial conduct regulation in a rather different way. To be clear, that is not a comment on the level of regulation, but rather the approach and the means, and, to be very clear, it does not involve taking a position on Brexit…”
To read the speech in full, please visit the FCA website.
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