Financial Services Risk and Regulation Unravelled Podcast
Episode 23: regulatory update - changing faces in government and at the FCA
Jul 27, 2022
Regulatory experts David Morrey and Gavin Stewart discuss the impact of leadership changes in government and at the FCA. Topics include FCA leadership changes, the cost-of-living crisis, crypto-regulation, and their summer holiday regulatory reading list.
35:24
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Quick takeaways
- The appointment of new leadership at the FCA, including a new chair and six directors, highlights the organization's commitment to improving its culture and addressing past challenges.
- The UK's lack of a cohesive approach to crypto regulation has prompted an inquiry by the Treasury Select Committee, indicating the urgent need to develop a regulatory framework for cryptocurrencies.
Deep dives
FCA announces hire of 500 new employees and chairman appointment
In an update, the Financial Conduct Authority (FCA) revealed that they have hired approximately 500 new staff members and announced the appointment of an external chairman. The FCA chairman comes with extensive international regulatory experience, having served as the Chief Executive of a regulator and currently chairing a global regulatory body. The FCA aims to improve its culture and tackle the challenges it has faced in the past, such as regulatory independence and maintaining a balance between the chair and the chief executive. The FCA's efforts to increase resources and improve its organizational structure will be pivotal in navigating the complexities of the financial sector.
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