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

'Business models evolved at staggering pace'

Tom Ellis
clock • 2 min read

The Financial Conduct Authority (FCA) has said it does not want to "prescribe" firms' business models in its incoming senior managers regulation - but there are caveats.

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...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

Agile IT needed as rapid regulation change becomes the norm

Agile IT needed as rapid regulation change becomes the norm

'Gone are the lengthy consultation and rule-setting cycles that often took several years'

Paul Muir
clock 15 April 2024 • 6 min read
Leveling up the playing field when it comes to picking skilled persons

Leveling up the playing field when it comes to picking skilled persons

Given the prerequisite for accuracy, a rigorous selection process is essential

Richard Farr
clock 15 April 2024 • 4 min read
A practical way forward: Utilising hybrid to close the advice gap

A practical way forward: Utilising hybrid to close the advice gap

Will the FCA's advice/guidance review increase access to advice?

Chet Velani
clock 02 April 2024 • 6 min read