Context
The FCA has published a speech given by Sarah Pritchard, FCA Deputy Chief Executive, at the Building Societies Association annual conference in Edinburgh. Pritchard likens the FCA’s current approach to regulatory reform to the Scottish Enlightenment, the spirit of which was defined by the refusal to settle, and a determination to make things better for the future.
Key points to note and next actions
- The FCA wants to support growth and help consumers navigate the financial decisions that shape their lives, so it is using this period of reform to make its rulebook fit for the future: innovation-friendly, outcomes-focussed and Duty-centric.
- The FCA’s rules already require firms to support consumers facing financial difficulty. As cost-of-living pressures persist, the FCA is monitoring the data closely for early warning signs.
- The mutual sector’s closeness to its members and communities is a strength that allows it to drive innovation and help shape what comes next. The FCA wants to support that.
- The FCA encourages firms to make use of its innovation services early and often.