FCA

In a speech last night, the PRA CEO issued the regulator’s latest warning to MPs about regulatory reforms.

After the new Cabinet was formed and ministerial appointments announced, Andrew Griffith has retained a portfolio that includes financial services regulation.

Nikhil Rathi plans to address in a speech tonight regulatory reforms in the Financial Services and Markets Bill, now being debated in Parliament.

The regulator has set out how tech companies such as Amazon and Apple may expand in UK financial services through M&A and other means.

Mark Steward has worked at the FCA since 2015, leading the charge on some of the regulator’s most high-profile cases.

The opportunity to set in statute meaningful powers and metrics to hold financial regulators accountable will reach a tipping point in the coming weeks, as the Financial Services and Markets Bill progresses through the next parliamentary stages.

The watchdog is seeking views on topics such as where there are barriers to the safe and widespread adoption of AI.

The regulator is now reviewing a voluntary objective to determine 85% of approved person applications in five days.

Sarah Pritchard, executive director for markets at the FCA, set out the regulators’ moves to improve efficiency and enable innovation at a speech.

Financial Secretary Andrew Griffith will have oversight of reforms to FCA and PRA operations, but how far he’ll take that mandate is an open question.

The FCA’s CEO said the regulator is making progress on clearing the backlog, in a response to a Treasury Committee report on regulation and accountability.

The government has also resisted any new accountability measures that would impact the regulators’ independence, in a response to an MPs’ report.