Financial Conduct Authority (FCA) CEO Nikhil Rathi has set out a shift in the regulator's approach, moving away from writing new rules in favour of using the Consumer Duty and supervisory tools to address market failures.
Speaking as a guest on the Fairer Finance podcast, Rathi acknowledged that "not every problem is going to be solved quickly by doing big interventions, more rules, bans, guidance,". "I think that there's a whole range of influences that are informing our willingness to write lots of new rules…. we're moving to an outcomes-based approach, and that will mean less rules in the future because we think the Consumer Duty will do a lot of the work for us," he set out. Rathi then highlighted the regulator's approach to enforcement action. "The Treasury, I think, weren't pretty secret about...
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