On 27 February 2025, the Financial Conduct Authority (FCA) published a speech on supporting growth, delivered by its chief executive Nikhil Rathi at the Association of British Insurers roundtable.

In the speech, Mr Rathi covers topics including:

• Consumer Duty champions: From 27 February 2025, firms will be able to choose whether to have a Consumer Duty champion. (The FCA published more information on this on its Consumer Duty – information webpage.)

• Progress on growth proposals: Mr Rathi notes that the industry “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”, including in relation to 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.

• Risk in relation to consumer harm: As it works with the Government on its financial and professional services strategy, one area where the FCA has asked for bold thinking is around articulation of the Government’s risk appetite – particularly in relation to consumer harm. Mr Rathi notes that the FCA would value metrics against which it can be held to account.

• Call for input on simplifying the Handbook: The FCA has received 170 responses from firms of all sectors and sizes as well as consumer groups, and is working through the feedback. Points raised in the responses included concerns around the pace of regulatory change, and the FCA is aiming for fewer large-scale changes in its next 5-year strategy, although given the diversity of views there is a debate to be had around the speed of change.

• Consumer resilience: Although it is “serious about growth”, the ability of consumers to access the right products for them (i.e. good quality, fair value products) when they need to is central to the FCA’s purpose and will be an important part of its next 5-year strategy.