And we’ve reformed our job posting to raise wages for the lowest paid, reward strong and consistent performance that serves the public interest, and close the pay gap.
Two hundred new colleagues have already joined us this year, across the country, bringing with them many new skills.
Too often, however, we have operated in silos, prioritized process over results, and failed to effectively measure our own collective and individual performance.
To truly transform, I said we need to develop a data-driven, operational platform that can continuously adapt and collaborate, to meet the threats and opportunities of the future – not just wait to solve specific business problems.
Our work with international partners and companies resulting from the tragic war in Ukraine and our response to the coronavirus show that we are becoming a more adaptive and collaborative organization, able to find solutions in extremely short timeframes, working hand in hand with national and international partners. .
Cost of living challenges mean that consumers are more at risk and more dependent on financial services, so it is imperative that we remain ready to act.
Our multi-year strategy, released today, sets out the market-wide results we expect from all businesses, while holding ourselves to higher standards.
For the first time, we are publishing metrics to which we can be held accountable for delivering these results.
To reduce and prevent serious harm, we have taken steps to prevent companies with inadequate harm prevention controls from entering our markets. As a result, one in seven applicants does not obtain authorization, compared to one in 13.
We are now bringing in an additional 80 colleagues to focus on problem businesses already in our markets, going further to weed out businesses that cannot or will not meet baseline standards. And more colleagues have been empowered to make more decisions, so we act faster.
A results-oriented approach also requires setting and testing higher standards where appropriate.
Our new consumer obligation will ensure that all businesses consider the real impact of their services and the suitability of their products on the consumer.
Selling someone the right product with the right customer service is hardly controversial, but all too often even established companies fail to deliver.
Businesses doing the right thing and showing leadership should welcome action to fight competitors who lower standards and we therefore expect fewer rule changes, which will reduce costs for good businesses.
Maintaining high standards means we can champion innovation with an open-minded approach.
We introduced sweeping listing reforms and our pioneering and widely copied “sandbox”, a safe regulatory space to test innovative products, has supported the growth and innovation of over 50 blockchain companies.
According to Innovate Finance, whose global summit took place this week, the UK accounted for almost half of all European fintech investments last year.
We are now building on this by setting up a “scalebox”, focused on helping start-up fintech companies.
Having carefully managed the UK’s exit from the EU, we now have a vital opportunity to further adapt our regulatory system to improve the attractiveness and global reach of our wholesale markets.
From my career in financial services in the UK, I know that maintaining our agility will be key, and that high standards, delivered effectively, are a prerequisite, not an alternative, to global success.
These are both exciting and challenging times at FCA, as we run into big trouble and seize opportunities.
Whether it’s tackling unreasonable terms, increasing customer satisfaction, fighting scams or making markets safer, our plan supports positive change for which we are responsible.
Nikhil Rathi is CEO of FCA
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Source: www.telegraph.co.uk
This notice was published: 2022-04-07 05:00:00
