The FCA has sworn to become a “smarter regulator”, to improve its processes and embrace technology as part of its five -year strategy released today.
The supervisor says that the aim of his new plan is to restore trust, the herbaling risk, to support growth and to improve lives.
Further commitments that the FCA has promised to support persistent economic growth, by making investments, making innovation possible and guaranteeing the continuous competitiveness of the financial services of the UK; Help consumers to navigate through their financial life By working together with the industry to increase trust and product innovation; and combat financial crime.
The policy describes how the supervisor will change how supervision keeps to more efficient, including following a less intensive approach for companies that want to do the right one, “that significantly streamlines how it sets its supervisory priorities and can assess whether he can stop requiring certain data returns.”
It also undertakes to digitize and simplify the authorization processes, so that it is easier and faster to apply, the information received is better quality and follow -up requests.
FCA chairman Ashley Alder says that the regulator wants to deepen confidence in financial services.
“Too often the emphasis was on the risks of a decision instead of the lost opportunity not to take one. We want to change that so that we can stimulate growth and improve lives,” says Alder.
FCA top man Nikhil Rathi says: “Our last strategy has set high standards and strengthened our operational effectiveness. We are committed to go much further and deliver on pace to meet the scale of change with which we are dealing with in the coming 5 years. This strategy sets out our priorities that make the financial system.
“Our four priorities reinforce each other and we look forward to working with our partners when we become a smarter regulator, support growth, help consumers and fight crime.
“We are ambitious for the future and strive for a fair and thriving market for financial services for the well -being of consumers and the economy.”