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The Financial Conduct Authority (FCA) set out details of how it intends to meet the regulatory challenges ahead following a detailed review of its strategy, priorities and ways of working.
The FCA's remit is far ranging and challenging with the recent additional responsibility for regulating consumer credit meaning the number of firms that now come under the FCA has trebled over the past eighteen months. The approach is shaped by a strategy that will provide a "sharper focus" on how firms are regulated and on delivering the right outcome for consumers and the markets. It recognises the differences in approach required across the industry given its size and variety, based on emphasising sector and market-wide work and reflecting the FCA’s competition duties. It also aligns the data and intelligence gathered from all sources to present a consistent FCA-view of what is happening in the market and what behaviour is expected from firms.
Structural changes will also reflect the lessons learned from recent external reviews. Martin Wheatley, chief executive of the FCA, said of the changes: ‘In the 18 months since the inception of the FCA we have achieved a lot, and now is the time to sharpen our focus. To look at how we can deliver our objectives and ambitions to the best of our abilities. The financial industry continually evolves and to regulate it effectively we must evolve too.’
The main structural changes include:
The changes will commence from 5 January and will be fully in place by April.
Member of the Executive Committee and Board member Clive Adamson alongside fellow Executive Committee members Zitah McMillan and Victoria Raffe have announced they will be leaving the organisation as part of the structural changes.