FCA’s Andrew Bailey sets out vision for future of financial regulation
Regulatory Updates | 23/04/19
Andrew Bailey, CEO of the Financial Conduct Authority (FCA), gave a speech (23 April) setting out his vision for the future of financial conduct regulation in the UK. Earlier in the day, the FCA published a feedback statement ruling out introducing a new “duty of care” obligation towards consumers for regulated financial services firms, saying that for now it will focus instead on revising existing rules (Reuters, online only). Bailey said the FCA will consider the most efficient and proportionate options for achieving the substance of a “duty of care”, adding that the regulator would be looking to enhance the role of principles as the “bedrock of regulation” in future.