Financial Conduct Authority (FCA) chief executive Andrew Bailey has said the regulator's new mission statement needs to explain why it will support and "proactively enable" innovation.
In a speech at the City Banquet at Mansion House on 26 October, Bailey (pictured) said the regulator was keen to support "very rapid technological change" in the industry through the "flexible and rapid adaption" of its rules. He said the regulator wanted to strike a balance between taking necessary action against firms and causing a reduction of competition, which was "not consistent" with its objectives. He said: "We need to make sure that, through our future Mission, we explain the circumstances in which, and why, we will support and proactively enable innovation. "It is a par...
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