PwC comments on FCA's 5 year strategy

Commenting on the publication of the FCA’s new 5-year strategy, PwC’s Financial Services Leader, Darren Ketteringham, said: 

“The FCA’s new strategy marks a notable evolution in its approach — one that acknowledges the importance of enabling responsible risk-taking to support long-term economic growth and improved financial outcomes for consumers.

“The regulator’s drive to simplify the rulebook, promote innovation, and encourage savers to take on a greater degree of risk presents opportunities — but also raises the bar for governance. As rules become less prescriptive, firms will need to reassess their risk frameworks. 

“It’s also clear that the FCA is not compromising on consumer protection. A continued focus on fraud, financial crime and data-driven enforcement will underpin trust in the system — an essential foundation for the kind of informed, growth-oriented risk-taking the strategy aims to unlock. Ultimately, firms that embrace change, invest in resilience, and lead with integrity will be best positioned to thrive in this shifting landscape.

“The new strategy has come in response to the Government’s growth agenda, but to truly shift the dial on growth, further change will be needed, as will an acceptance by Government, industry, and society of the potential for failures and losses which results from a higher risk appetite.”