Supervisory shake-up and plans to streamline rules feature in new FCA strategy

The regulator has announced a range of plans to increase efficiency, including its new five-year strategy, a commitment to launch Open Finance and a set of other streamlining proposals.

By Neasa MacErlean

Under a supervisory shakeup, explained in the strategy, more firms will be given direct contact points at the regulator and there will be a move away from the current "detailed, firm-specific, two-year supervisory programmes" for large firms that are "demonstrably seeking to do the right thing". This will be replaced with "a more flexible approach, with less intensive supervision".