FCA to make 100 hires to stop 'bad firms' achieving authorisation

For firms who do not meet expectations

Sophie King
clock • 2 min read

Financial Conduct Authority (FCA) chief executive Nikhil Rathi has said the regulator will be hiring circa 100 new employees to help prevent 'bad firms' getting authorisation.

Unveiling the FCA's 2021/21 business plan on Thursday (15 July), Rathi (pictured) told delegates: "While oversight continues through the regulatory lifecycle, it starts at the gateway.  "If you let a bad firm or individual into the system, it takes up the time of supervisors and enforcers, and it risks the savings, livelihoods and health of consumers." The CEO warned attendees that one decision at the start of authorisation, i.e. not letting those firms in, could prevent many risks. To help prevent said risks, Rathi said the regulator plans to recruit about 100 additional authorisa...

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