FCA commits to launching fewer “large-scale” initiatives

This follows a concerted push by the government for regulators across the board to help drive growth in the UK economy.

According to the Financial Times, a board-level review has identified one policy to shelve and is exploring others that could be reworked or abandoned. In a statement to the publication, the FCA said: “We have heard concerns about the pace of regulatory change in the context of supporting growth.

“There will be fewer large-scale changes over the next five years. We are also streamlining the policy pipeline, noting some measures to support growth require regulatory change and others are instigated by government and parliament.”

In total, the regulator is due to announce 11 policy initiatives in the first quarter alone – including changes to the consumer compensation framework and new rules on commercial insurance.

The FCA is required to implement some of these rules – such as plans to create a framework for crypto asset trading – but others could be dropped.

FCA chief executive Nikhil Rathi committed to deep reforms to make growth a “cornerstone of our strategy, through to 2030” in a letter responding to the government’s pro-growth proposals last month.

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