FCA eyes decision-making overhaul and 'regulatory nursery'

However, Rathi added the FCA was not “just a gatekeeper”. 

“We want to support, as well as scrutinise, new businesses in the market as part of our supervisory role,” he said.

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“With this in mind, we will set up a Regulatory Nursery—a form of early-warning system where we monitor firms doing entirely new types of business and operating as fully regulated entities for the first time.

“We will work with companies as they expand to ensure their growth continues to deliver value for consumers, supports innovation and competition, and does not compromise market integrity.”

Elsewhere in the business plan, the FCA said it will begin a review of the rules on the scope and coverage of the Financial Service Compensation Scheme.

Rathi said the industry can expect to see "an FCA that looks and feels even more different" as it will change over the next year and a half to become more "innovative, adaptive and assertive", prioritising its work to clamp down on scams and improve pensions advice.

It is also exploring the option of opening an office in Leeds with at least 100 staff based there in the beginning stages.

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