The FCA has published a speech given by Christopher Woolard (Director of Strategy and Competition, FCA) entitled New priorities for banking reform.

At the beginning of his speech Mr Woolard mentions that the title of his speech is a bit of a misnomer and focuses on the FCA’s continuing priorities for the year, reflects on the pace of change in the financial sector and looks at how the competition agenda is becoming increasingly important for the FCA.

In relation to priorities Mr Woolard states that in the FCA’s business plan it was highlighted that the regulator will continue to focus on accountability and make the new senior managers’ regime a reality. He also adds that the UK is entering into a different phase of regulation where the need for a significant legislative programme may have passed. He adds that the new phase is “where we need to both remain alert to problems, but also adapt to make markets work well in a rapidly changing world.”

Later in his speech Mr Woolard discusses competition and mentions that on the supply side of the market the FCA is often asked if its competition objective means that it is becoming a price regulator. Mr Woolard states that the “answer is mostly no, but not entirely.” He explains that price regulation is not the first tool the FCA looks to, but where demand side is too weak to provide effective discipline it must be considered.

View New priorities for banking reform, 17 June 2015