The FCA has invited people to share their thoughts and ideas regarding regulation.
The regulator has said it will also set out its own ideas and publish detailed papers; including an analysis of future market dynamics, a discussion paper about its principles, and a consultation paper on the duty of care.
Speaking at the City of London Cicero event on Future of Regulation Christopher Woolard, executive director of strategy and competition at the FCA, said: “The first thing we have to acknowledge is that we live in a very different world to the one in which our rules were framed.
“We have to ask ourselves if our regulatory model is still the right one, and if it’s ready to respond to the changes we see coming down the track.
“We can’t answer these questions alone. It’s vital that our approach has the confidence and consent of our stakeholders and the wider public.
“So, over the coming months we will be engaging in a public conversation.
“But one thing is already clear – we are moving from a narrower compliance with the rules, to a focus on delivering the outcomes we want for the users of financial services. This means doing things differently.”
Woolard said that the first step is to clearly state what outcomes the FCA wants to see in markets and the second step is to use everything available in the regulatory toolkit Parliament has given them.
Woolard added: “In recent years, we have used our tools and powers more creatively in things like the Senior Managers Regime.
“Nonetheless we must face up to the fact that disclosure has been the go-to solution of regulators and politicians in the UK and Europe for the last 20 years, making up the bulk of our requirements.
“The FCA has a key role to play – improving how markets operate, preventing harm from occurring and serving the public interest.
“It is only right for us to constantly assess the direction of travel and tailor our approach to ensure we continue to deliver on our objectives.
“To achieve this, we need regulation that is agile and doesn’t become outdated as domestic and global markets evolve, resulting in inefficiencies and consumers being unduly exposed to risk and harm.
“Simply put, our aim is to be a regulator fit for the age we’re in.”