On 20 May 2022, Charles Randell, chair of the FCA and PSR, gave a speech at the Centre for Commercial Law Studies at Queen Mary University of London, highlighting the need to listen to the diverse needs of the people in order to level up the UK.
The key points of the speech are as follows:
- The consumer’s voice needs to be front and centre in the FCA’s regulation and in every boardroom. Regulators should not be unduly influenced by the regulated industry, government, politicians or outside interest groups.
- Policy partnerships between government and regulators are crucial to deliver good outcomes for consumers. For example, a challenge like crypto demands a well-functioning partnership between government, parliament and regulators to ensure that the interests of the people, whose savings will be put at risk, are heard.
- It is essential for the Future Regulatory Framework to follow the government’s stated aims of respecting the FCA’s financial independence and primary objectives, to ensure that the financial services industry continues to act in the interest of the people. The government must respect the independence of the FCA to avoid overstretching resources and limit the risks of lobbying.