Andrew Bailey, chief executive of the Financial Conduct Authority (FCA), has admitted that part of the criticism the regulator faces are justified – especially when it comes to efficiency.
Speaking at the Lord Mayor’s City Banquet Bailey (pictured) said the regulator wants to make a major investment in data analytics to give our staff more effective tools to do the job and increase efficiency.
He said: “We can point to very big achievements at the FCA in recent years – our work on high cost credit in its various forms being a well known example.
“But part of the criticism we face is justified.
“We should improve our efficiency – which, again turning to the FCA, is why we want to make a major investment in data analytics to give our staff more effective tools to do the job.”
During his speech he also spoke of the strong benefits from free trade and open global financial markets and how the FCA will continue to support them post-Brexit.
He added: “There are strong benefits from free trade and open global financial markets. The alternatives produce worse outcomes as history demonstrates.
“But, they don’t benefit everyone all of the time.
“The established prescription is that other policies should be deployed actively to manage those unwelcome effects.
“In the wake of the global financial crisis there has been a determined response to provide effective regulation in order to preserve and maintain global open markets.
“We want to continue to support and encourage open global financial markets – and I mean global not regional.
“It’s worth remembering what the G20 has said in this respect. The G20 has called for “jurisdictions and regulators to defer to each other when it is justified by the quality of their respective regimes, based on similar outcomes, in a non-discriminatory way, paying due respect to home country regulation regimes.”