Hopeful anticipation in the aftermath of the pandemic

In his speech at the Finance & Leasing Association, Charles Randell, Chair of the FCA, highlighted the need for the FCA to enforce the gateway to authorisation, focus on the basics, focus on outcomes, and use their rulebook better and faster in order to be effective in the new world of financial services brought about by the coronavirus. He emphasized the need to reshape the FCA itself to meet the challenges and opportunities presented by the pandemic. Randell also discussed the importance of firms identifying and taking action to break the cycle of unaffordable debt for consumers, as well as the need for regulators and legislators to adapt to the rapidly changing world of digital activities. He concluded by stating that the transformation of the FCA requires clear commitments to stating and measuring outcomes and being transparent about whether those outcomes have been achieved.

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