FCA concerned about 'retrospective' approach

The minutes, which recorded the FCA board's meeting in June, revealed that the regulator was concerned about a potential expectations gap between its work and regulated firms. The board's concerns included a lack of certainty for regulated firms over the regulator's application of principles, rules and guidance, which was the result of its more principle-based approach. It concluded that further work needed to be done on its regulatory approach, including the strategic alignment of policy development and thematic work, and that it was important that firms understood the outcomes that ...