On 6 May 2021, the FCA published a speech by its CEO, Nikhil Rathi, entitled Regulation for a different world.
Highlights in the speech include:
- The UK was closely involved in the development of the EU’s regulatory framework; changes will therefore focus on tailoring those elements to the specificities and needs of UK markets and not simply diverging for the sake of it.
- While the likely effect of any changes to the UK’s regulatory regime on equivalence with the EU should and will be considered, it’s not consistent with the FCA’s objectives to target equivalence at any cost, including the opportunity cost of failing to make our markets work better.
- Ensuring firms have adequate financial crime controls continues to be a key priority area for the FCA across the banking sector. Two of its biggest sanctions in the last 12 months related to failures to address financial crime and money laundering risks. So, it is vital that firms proactively consider financial crime risks and improve their own systems and controls as required.
- The FCA will say more about its transformation agenda when it publishes its Business Plan in July.