In a "remit" letter sent to the UK Financial Conduct Authority CEO Nikhil Rathi last week, Chancellor of the Exchequer Rachel Reeves charged the regulator with promoting "sensible risk-taking" in the financial sector.
"While pursuing your operational objectives of securing an appropriate degree of protection for consumers, protecting and enhancing the integrity of the financial system, and promoting competition in the interests of consumers, you should also consider how you can enable informed and responsible risk-taking by authorised firms and customers," Reeves wrote. “These are all prerequisites for growth, and for ensuring that everyone across the UK can benefit from that growth.”
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