On 21 October 2019, the FCA published a speech by Christopher Woolard (Director of Strategy and Competition at the FCA) entitled Regulation in a changing world.

Key points in the speech include:

• the first wave of post-crisis regulation is done. Firms are better capitalised and the personal responsibility of their leaders is more embedded. This is a good time to look at what has worked well, and what could be improved;
• there is a change in consumer need and attitude. Long-term low interest rates mean the search for return is stronger, just as the tolerance for loss lessens. Consumers are getting older, have less saved and inherit assets later in life;
• innovation has gathered pace. We’re moving from an era of digitisation – services moving online – to a truly digital industry – one drawing on artificial intelligence and machine learning; and
• as consumers take more responsibility for their financial lives, their demands on the financial sector – and the bodies that regulate it – change. Orthodoxies must change in response. The FCA will be issuing an open invitation for thoughts and ideas, as well as setting out some of its our own ideas. It will also publish detailed papers, including an analysis of future market dynamics, a discussion paper about its principles, and a consultation paper on the duty of care.