FCA commits to more agile and efficient regulatory processes

shepperd emily 400 — Emily SheppardChief Operating Officer and Executive Director for the Financial Conduct Authority (FCA)

Last week, Emily Sheppard, Chief Operating Officer and Executive Director for the Financial Conduct Authority (FCA), made a speech at the CISI/Financial Planning Conference 2022, where she committed to improving the agility and efficiency of regulatory processes facing UK firms.

During the speech, Sheppard committed to new investment in technology, starting with automated application forms that seek to ensure the applications they receive are complete, saving time and resources for both the FCA and firms.

Sheppard also announced that they are placing more firms that gain authorisation into the early and high growth oversight programme, which is where they give firms that are new to regulation extra help with navigating the rules from the start. Furthermore, Sheppard referenced the forthcoming Consumer Duty act, praising it as a positive change that will enable firms to put their customers’ needs first and deliver good outcomes, which should help them hold on to customers during challenging times.

Finally, during the CISI/Financial Planning Conference 2022, the FCA launched its Scamsmart campaign, which aims to help protect consumers from scams which deploy phishing and misdirection tactics.

During her speech, Emily Sheppard also announced that the FCA too is adapting to better fit inherent changes to businesses and society in general: “At the FCA, we too are moving towards becoming a more innovative, more assertive and more adaptive regulator. The FCA is no longer the prescriptive organisation of the past and we recognise that there is no one size fits all. We are transforming into an organisation driven by outcomes and clear end goals that is investing in both data and people.”