FCA chief vows to break the 'cycle of regulation'

FCA's acting CEO addresses Mansion House City Banquet

Carmen Reichman
clock

Financial Conduct Authority (FCA) acting chief executive Tracey McDermott vowed to break what she called the "regulate, de-regulate, repeat cycle" of financial services regulation, as she laid out her plans for future regulation to the annual Lord Mayor's City Banquet.

In a speech due to be delivered last night at Mansion House, McDermott acknowledged there is a need to soften the regulatory grip on firms - but warned against complacency and forgetting the "lessons of the past". She told guests the regulator had come a long way towards eliminating the causes of bad behaviour in recent years but the current intensity and volume of regulation was "not sustainable" for either industry or regulators. The danger, she said, was a "sensible desire" to reduce unnecessary regulation would allow the "pendulum to swing too far". "We become caught in a loop ...

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

FCA's targeted support rules set to take effect from April 2026

FCA's targeted support rules set to take effect from April 2026

Regulator plans to open application gateway for firms in March

Isabel Baxter
clock 11 December 2025 • 5 min read
FCA sets out plans to simplify complaints regime

FCA sets out plans to simplify complaints regime

Including requirement for firms to report complaints involving vulnerable clients

Isabel Baxter
clock 04 December 2025 • 2 min read
FCA looks to boost transparency of ESG ratings providers

FCA looks to boost transparency of ESG ratings providers

Regulator opens consultation

Michael Nelson
clock 01 December 2025 • 2 min read