It looks like the UK’s Financial Conduct Authority (FCA), which recently unveiled its three-year strategy to improve consumer outcomes, is gathering steam in its pursuit to shake things up.
“We are being tougher on firms causing harm,” FCA chief executive Nikhil Rathi told attendees of City Week 2022 on Tuesday (April 26). “We launched the first-ever criminal prosecution under anti-money laundering regulations and are acting against individuals carrying out regulated activities without authorisation.
“We have empowered more colleagues to take more decisions so we act faster and are being more proactive even where we don’t have powers, be it by positively engaging with the government to ensure scams are covered by the Online Safety Bill, or working with Google so they voluntarily changed policy to only permit FCA-registered firms to advertise financial promotions with them.”
Rathi went on to note: “Following our engagement, Meta has now promised to do the same this year. We look forward to seeing them deliver and await clearer plans from Twitter and others.”
In his 2,000-word speech, the CEO touched on the cost-of-living crisis, the regulator’s proposed consumer duty, the war in Ukraine, ESG (economic, social, and governance) reforms, diversity and inclusion, accountability and performance, innovation, and post-Brexit stability.
“To truly transform,” stated Rathi, “we must continue building an operational platform that can adapt and facilitate collaboration, with the human capabilities to harness a data-led approach.
“That is the only way we can effectively face the threats and opportunities, be it market abuse, digitalisation of financial services, cost-of-living challenges, or ESG reforms.”
