On 14 July 2022, the FCA published a speech by its CEO, Nikhil Rathi, entitled ‘How the UK will regulate for the future’.
Key points in the speech include:
- The FCA is redesigning its operational platform so that it can better adapt and collaborate, to address the threats, mitigate the shocks, and embrace opportunities. Not just address issues after significant harm or risk has become embedded.
- The FCA is investing in its data and tech platforms to improve how it uses analytics and insights to support its decision-making.
- The FCA is continuing to consider further regulatory interventions on diversity and inclusion. This is a priority area of work given the clear links it sees between improving diversity and inclusion and meeting its regulatory objectives.
- The FCA is keen to promote diversity of thought and has been clear that diversity and inclusion is a regulatory issue. A failure to shape more diverse and inclusive leadership teams risks bias and left unchecked, can result in poorer risk management. Improved board effectiveness supports better conduct and reduces market harm.
- In January Ashley Alder, currently CEO of the Hong Kong Securities and Futures Commission and Chair of the IOSCO Board, will join the FCA as its new Chairman.