Context
The FCA has published a speech delivered by Nikhil Rathi, FCA Chief Executive, at the Morgan Stanley European Financials Conference. There is no new insight into how the Regulator is likely to approach regulation.
Key points to note and next actions
- The speech covers issues such as Consumer Duty and firms’ progress, the move to outcomes-based regulation (again making it sound like something new, when it is not), fair value and fair play, redress for consumers, and supporting investment and innovation.
- The speech reiterates a message that the FCA is “…not setting out to trip firms up by going after technical breaches”. The FCA “…look favourably on firms taking reasonable steps to identify and proactively address concerns, even if mistakes are made.”