Context
Sarah Pritchard, FCA Executive Director, Markets and Executive, International, has delivered a speech at the FT Financial Advice Forum, London. She used the fact that the venue is home to a rare surviving fragment of the London Wall to explain that the Wall, built by the Romans around the second century, was essential for protecting the city, and that it stood for centuries as a sturdy boundary, safeguarding its inhabitants from external threats. She also explained that, as time went on, the city evolved, the threats to the people within changed (as did their requirements), and that the Wall changed too.
Key points to note and next actions
The key messages from the speech were:
- The FCA has a unique opportunity to do things differently and re-draw its regulations for the better of consumers and firms.
- This will require open conversations on risk, and the FCA is listening to stakeholder feedback.
- Firms should act now, embracing data and digital to innovate and meet the needs of their consumers.
The speech discusses the current regulatory framework, and references the current call for input in relation to simplifying areas of the FCA Handbook.