Thu, May 6, 2021
Regulation for a Different World
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Nikhil Rathi, CEO of the FCA, delivered a speech on the UK post-Brexit regulatory landscape.
The main points from the speech were as follows:
- The FCA will continue to be a regulator that supports open, competitive markets with a focus on innovation.
- The regulator’s oversight of overseas firms will continue to seek to achieve the same high standards of conduct and behavior as their regulation of domestic firms, and they will look to ensure a level playing field.
- International regulatory cooperation with other supervisors and global standard-setting bodies is of the utmost importance to the regulator. Working towards the same outcomes as other regulators will allow the FCA to defer to other regulators and avoid duplication of regulatory requirements.
- The FCA recognizes the increased flexibility that is available to the UK following Brexit and will use this opportunity for the benefit of UK financial markets and consumers.
- Other key areas of focus in international regulation at the current time include ESG and sustainability, as well as tackling financial crime.
- The FCA will expand on its aims and detail next steps in July when it publishes its business plan.
The speech can be read in full here.