We aim to support 300 newly authorised businesses by next spring and are running webinars to support firms on key issues – such as one on financial promotions in the next few weeks. It has helped more than 160 growing businesses to test their offering, with over 90 per cent becoming authorised with our help.Įarlier this year we announced our new and innovative Early and High Growth Oversight approach after pilots showed it helped new businesses grow. Our Regulatory Sandbox, which creates a safe space to test regulation around innovative new products – has been widely emulated. We spend a lot of time at the FCA cross-pollinating fresh ideas with industry. We hope that this draft guidance, which we are seeking industry views on, will give as much certainty as possible under the current legal framework. While we cannot yet change the definition of a trading venue – as that is set by retained EU legislation – we can give guidance on our view of when permissions are needed. Technological and market structure changes mean that this perimeter has become more ambiguous, with some firms uncertain on the regulatory permissions they need. Just last week, we published draft guidance on the regulatory perimeter for trading venues. We aim to give that certainty and clarity. Firms want to know what we want from them and what is needed. You will have already seen us become a more outcomes focused regulator and this deliberate approach is outlined in our new strategy.īy being focused on outcomes - rather than writing rules for every scenario - we can support new businesses and entrants to the market, as well as existing firms who are adapting their business models. We know we can encourage people to do business here by providing regulatory certainty. We are trialling automated application forms for companies which are easier to understand and quicker for us to assess. Our backlog for pending authorisations has reduced by 40 per cent in the last year. We are focused on speeding up our approach to authorisations, while ensuring it remains robust.Ī strong gateway, making sure that the firms that operate here meet the right standards, is critical in making sure the weeds do not take over. Last year, we made changes to enable us to be quicker and more efficient in stopping harm to consumers and markets. We know we need to do more to speed up some of our decision making. We can support growth by showing speed and agility, by providing regulatory certainty and by responding quickly to changes in markets. GrowthĪt the FCA, we are clear that we want to support long term competitiveness and growth of the UK economy, and know we can do so by being an effective regulator. Dealing with this can sap your resources and divert focus away from the more rewarding work of helping new and existing firms to thrive and grow. Likewise in our day job as regulators, when we take our eyes off the terrain, new harm can quickly spring up. But as days turned to weeks, the allotment became an overgrown jungle once more. The weeds took just days to spring back, initially in discrete areas. With sore backs, raw hands and ruddy cheeks, we thought that our hard work was done and we could plough on with the more rewarding task of planting. My husband and I spent days clearing all the weeds. When I first got my allotment, it was wildly overgrown. What are the magic ingredients to ensuring sustainable growth? And how can regulators ensure that the rules and action they take help growth to take root and flourish perennially? The FCA is looking at reforming investment advice rules so that specialist knowledge is available to mass market consumers for lower risk products.The pending authorisations backlog has been slashed by 40% in the last year and the FCA is trialling automated forms to further speed the process. The FCA continues to work on ways to reduce regulatory burden where possible whilst maintaining high standards so the UK is the best place in the world to do business.Protecting consumers from harm and maintaining market integrity are key elements of boosting economic growth and international competitiveness.Note: This is a drafted speech and may differ from the delivered version Key points Speaker: Sarah Pritchard, Executive Director, MarketsĮvent: City and Financial Global: The Future of UK Financial Services Regulation Summit
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