UK financial watchdog pledges to shut down problem firms faster
2022.04.07 09:51
FILE PHOTO: Signage is seen for the FCA (Financial Conduct Authority), the UK’s financial regulatory body, at their head offices in London, Britain March 10, 2022. REUTERS/Toby Melville
LONDON (Reuters) – Britain’s financial watchdog said on Thursday it will create 80 new roles to shut down problem companies faster as it faces pressure from lawmakers to tackle a rising volume of scams.
The Financial Conduct Authority said a three-year business plan will focus on preventing serious harm to consumers, set higher standards and promote competition in markets.
It is the latest step in a transformation which CEO Nikhil Rathi has said will turn the watchdog into a faster, more aggressive regulator after criticism it was too slow to prevent costly failures such as the collapse of investment fund London Capital & Finance.
The regulator said it will also, for the first time, hold itself accountable against published outcomes and performance metrics.
“Our new strategy enables the FCA to respond more quickly to the rapidly changing financial services sector. It will give us a foundation to continuously improve for the benefit of our stakeholders, and respond swiftly to economic and geopolitical developments,” Rathi said in a statement.
