Context
Speech delivered by Nausicaa Delfas, Executive Director of International, Interim Chief Operating Officer and Executive Director of International, at City & Financial Global’s Future of UK Financial Services Regulation Virtual Summit.
Key points to note
15 weeks post the Brexit milestone, Nausicaa Delfas’s speech sought to focus on the FCA’s approach to:
- Regulating the UK as a global financial centre to international firms in the UK; and
- Global co-operation and standard setting.
The FCA’s view is that, overall, much is staying the same in its attitude and outlook but, importantly, the departure from the EU presents the Regulator with opportunities to do things differently. It is an opportunity the FCA intends to grasp.
- The FCA is fully committed to maintaining open and fair UK markets – and will continue to regulate in the interests of consumers, competition and market integrity.
- Whilst markets are open, firms serving UK customers and businesses will need to meet consistently high standards, and there will need to be strong supervisory co-operation between respective jurisdictions.
- The FCA will continue to work with international colleagues to shape global standards, to work towards regulatory convergence, and co-operation on cross-border issues.
Next actions
None – for information only.