Source · Select Committees · Financial Services Regulation Committee
Recommendation 12
12
Paragraph: 88
The FCA’s assertion in its first consultation that its proposals would be consistent with approaches...
Conclusion
The FCA’s assertion in its first consultation that its proposals would be consistent with approaches taken by other international regulators was misplaced and misleading. It is notable that it has changed the narrative on this, from emphasising commonality with other regulators in its first consultation, to highlighting the uniqueness of their remit in the second. Concerns that announcing investigations at the outset will impact on the UK’s competitiveness and risk positioning the UK as an outlier are warranted, and the FCA must be transparent about the further feedback it receives on these issues.
Paragraph Reference:
88