On 20 May 2024, the FCA published a speech by Sarah Pritchard (Executive Director, Markets and Executive Director, International, FCA) entitled Aiming for calm seas in our market reforms.

In her speech Sarah Pritchard reminds her audience that the FCA is committed to making sure that regulation supports the UK’s position in global wholesale markets as well as facilitating the UK’s economic growth and international competitiveness. London is second only to New York in the latest Z/Yen rankings of global financial centres. But this does not mean that there is no scope for further efficiency or reform, and reform which involves a different balance of risk. Across the UK’s capital markets agenda, a package of reform which has been well signalled since various government led reviews examining the strength of the UK’s wholesale markets in 2021 is now at the implementation phase.

Sarah Pritchard also touches on AI, noting that the FCA will not be regulating for regulation’s sake and will be guided by an outcomes-driven approach. But the FCA must provide certainty and encourage the safe adoption of AI in UK finance markets, so it must also look at digital infrastructure, resilience, consumer safety and data.