UK FCA Launches New Five-Year Strategy

Earlier this week, the UK Financial Conduct Authority (FCA) launched a new five-year strategy aimed at deepening trust, rebalancing risk, supporting growth, and improving lives.

"We want to deepen trust in financial services and shift our collective attitude across financial services to risk," said FCA Chair Ashley Alder. "Too often the focus has been on the risks of a decision taken rather than the lost opportunity of taking none. We want to change that so we can spur growth and improve lives."

The strategy is based around four key priorities:

• Be a smarter regulator by improving its processes and technology to be more predictable, purposeful, and proportionate;
• Support sustained economic growth by enabling investment, innovation and ensuring the continued competitiveness of the UK;
• Help consumers navigate their financial lives by working with the industry to build trust and promote innovation; and
• Fight financial crime by disrupting criminals and supporting firms in their role as a first line of defense.

"Our last strategy set high standards and bolstered our operational effectiveness," said FCA CEO Nikhil Rathi. "We are committed to going much further, delivering at pace to meet the scale of change we are facing over the next 5 years. This strategy sets out our priorities, how we’ll become more efficient and effective and make the choices that shape the financial system."