Context
The FCA has published a speech given by Simon Walls, FCA Executive Director of Markets, at the Global Management Summit 2025, Guildhall London. Although delivered to fund managers, the speech draws on parallels with risk management in insurance and references the creation of Lloyd’s when, in 1691, Edward Lloyd moved his coffee house to Lombard Street. The speech continues the FCA’s commentary on rebalancing risk and reward through reform.
Key points to note and next actions
- The UK has a long and distinguished history in effective risk management. As such, the FCA wants to build on the UK’s position as a leading global financial centre to become the most constructive, competitive and compelling place in the world to invest.
- The FCA is using its regulatory powers to actively support productivity and growth – including through overhauling the listings regime, making changes to prospectus rules, and introducing a new type of trading venue for private shares: Private Intermittent Securities and Capital Exchange System (PISCES).
- Measures to support growth may come with some risks, so it is important that the FCA and the markets continue to discuss these openly – building consensus that allows informed decisions to move forward confidently.
- The FCA will not step back from assertive supervision that protects market integrity. This is a vital component of the trust that investors demand and that growth requires.