The Financial Conduct Authority (FCA) has proposed changes to it’s decision-making process. The FCA hopes these changes will enable it to make faster and more effective decisions.
The changes could see some decision-making moved from the Regulatory Decisions Committee (RDC) to the FCA’s Authorisations, Supervision and Enforcement Divisions. The Regulator hope that this will give greater responsibility for decisions to senior members of FCA staff close to the matters.
These proposals form part of the FCA’s commitment to be more innovative, assertive and adaptive in regulating the Financial Services markets within the UK.
Emily Shepperd, Executive Director of Authorisations said:
‘The proposed changes will allow us to be more efficient by making best use of the breadth of expertise across the FCA and by putting certain decisions back to the subject matter experts. As a result of that there will be greater accountability in those areas. The changes will help to increase the speed and reduce the regulatory costs of dealing with firms and individuals that fail to meet the FCA standards.
As part of our transformation we will continue to take a fresh approach to tackle firms and individuals who do not meet the required standards. As part of this, we aim to become a forward looking, proactive regulator – one that is tough, assertive, confident, decisive and agile.’
Read more here.