Friday 28 October 2016

FCA is set to become more transparent


The Financial Conduct Authority (FCA) has recently unveiled a new mission statement and promised to focus on improving accountability and transparency.

The regulator's new chief executive Andrew Bailey said the new mission is now open for consultation and aims to set out a guide of set principles around the FCA's strategy.

Bailey, who joined the city's regulator four months ago, said he aims to set out the right level of consumer protection and find ways to provide support for firms, consumers and stakeholders.

"Our mission will set out a framework to help us prioritise our work, ensuring we focus our resources in the right places," the FCA said.

Moreover, the FCA said it will look at its role in encouraging change and innovation in the industries it regulates as well as its interactions between regulation and public policy.

The chief executive said, "Our mission will set out a framework within which we prioritise our work, ensuring we focus our resources in the right places.

"This will improve accountability and transparency of how and why we make the choices that we do.

Bailey said the consultation process will be a "very open" one. "We hope that we can set out a clear path ahead for financial conduct regulation in the UK."

Speaking at the City Banquet event last night, Bailey denied that the mission was related to the UK's decision to leave the EU.

"One thing I want to make clear is that the mission is not about Brexit for the simple reason that the issues we tackle in it are universal whatever the outcome of the Article 50 negotiations," he said.

The FCA's consultation is open until 26 January 2017.



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