1. Regulatory Reforms & Growth Initiatives.
- Changes to listing rules, prospectuses, and the Advice Guidance Boundary Review.
- Immediate removal of the Consumer Duty Board Champion expectation.
- Fast-tracking 50+ growth proposals, including mortgage affordability, digital payments, and cutting regulatory barriers.
- Advocating for clearer government risk appetite metrics to improve regulatory predictability.
2. Building Trust & Ensuring Stability
- Strengthening the FCA-insurance industry relationship after previous tensions (e.g., Covid business interruption cases).
- Providing clarity on major claims & redress events (e.g., motor finance and ongoing advice cases).
- Joint Call for Input with FOS to improve complaints handling and early risk detection.
3. Reducing Regulatory Burdens
- Reforming wholesale insurance regulations, simplifying the FCA Handbook, and reducing firm-facing publications.
- Launching a new ‘My FCA’ portal and cutting redundant data returns.
- Addressing concerns around regulatory change speed and exploring longer transition periods.
4. Consumer Protection & Market Fairness
- Maintaining focus on Consumer Duty, ensuring fair-value products and protection for vulnerable consumers.
Ongoing work in motor insurance pricing, premium finance market studies, and commission arrangements in protection products.
- Recognizing positive industry efforts, such as improving claims processes for bereaved customers.
5. Encouraging Innovation & AI in Financial Services
- Supporting AI adoption for fraud detection, claims automation, and risk modeling.
- Encouraging firms to engage with the FCA’s innovation services and Sandboxes to experiment safely.
6. Looking Ahead – FCA’s 5-Year Strategy
- The next strategy will focus on consumer protection, economic growth, tackling financial crime, and regulatory effectiveness.
- Strengthening trust and collaboration between the FCA and industry.
- Taking inspiration from Alexander the Great’s leadership—not just bold action, but drawing on diverse expertise to shape a thriving financial sector.
Conclusion
The FCA is committed to strong consumer protection, cutting regulatory burdens, and driving growth, moving at pace to implement reforms. The speaker calls for collaboration between industry and regulators to create a financial system that benefits both consumers and the economy.