| Link(s): | Recommendations for the Financial Conduct Authority: November 2024 – GOV.UK CX_Letter_-_Recommendations_for_the_Financial_Conduct_Authority__FCA__-_Nikhil_Rathi_14112024.pdf |
Context
The Financial Services and Markets Act 2000 requires the Treasury, at least once in each Parliament, to make recommendations to the FCA about aspects of the Government’s economic policy, to which the FCA should have regard when advancing its objectives and discharging its duties. This letter provides such recommendations and outlines the important role the FCA plays in facilitating growth and international competitiveness.
Key points to note and next actions
- In pursuing its objectives, the FCA should consider how it can enable informed and responsible risk-taking by authorised firms and customers.
- The FCA should also continue its work on financial crime.
- The FCA is asked to explore opportunities to facilitate innovation.
- Government is keen to ensure that:
- Innovative new firms are supported to enter the market, existing firms are enabled to innovate, and the safe adoption of AI is ensured to ‘raise productivity’.
- Customers can access appropriate advice.
- Firms have a positive experience of engaging with the FCA.
- The UK demonstrates international leadership on key regulatory issues.