The FCA has published a speech given by Martin Wheatley (Chief Executive, FCA) at Mansion House. The speech is entitled Competition in the interests of consumers.
At the beginning of his speech Mr Wheatley states that competition will not simply sit as a discrete function within the FCA. Instead, the FCA has brought competition thinking, as it relates to its objectives and remit, into every decision, in every rule, in every action it takes.
One example of the FCA’s new approach is its commitment to support innovation. Mr Wheatley states that the FCA is committed to opening its doors to those – regulated and not – who come with new ideas about how to deliver financial services. He explains that this is why the FCA has promised to set up an innovation hub, so that those who have fresh ideas can access its expertise to better understand the pitfalls and opportunities.
Mr Wheatley also states that the FCA opening its doors and providing support is not about picking winners. Rather it is about levelling the playing field by giving all firms eager to innovate access to it so that the process of joining the financial markets or introducing new products does not seem so daunting.
View Competition in the interests of consumers, 17 October 2014