FCA: 'We do not seek to prescribe your business model…up to a point'

In a speech to the City and Financial Summit in London, the regulator's director of supervision - retail and authorisations, Jonathon Davidson, said firms' strategies had evolved at a rapid pace in recent years, making it difficult for the regulator to stay on top of developments. He said the FCA was mindful firms' business models were their own affairs, but hinted at the regulator's willingness to interfere where needed. He said: "You will appreciate that keeping on top of business models is a considerable challenge given the diversity of the sectors that we cover and that over the l...