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FCA speech, 1 July 2020 – UK in new era – summary

FCA speech, 1 July 2020: “Building a financial regulatory system suitable for the UK in the new era”

Background

  • Speech delivered by Nausicaa Delfas, Executive Director of International, Financial Conduct Authority (FCA) at the City & Financial Professional Virtual Roundtables.

Highlights:

  • The ‘new era’ will be defined by developments brought about by Brexit, Covid-19 and technological and societal changes
  • On Brexit, we all need to continue to prepare for a range of scenarios, to be ready for the end of the year
  • On Covid-19, the regulatory agenda is moving from crisis response to supporting economic recovery
  • Non-banks will be critical in enabling recapitalisation to promote growth and recovery from the pandemicThis Consultation Paper is relevant to firms impacted by the Capital Requirements Regulation.

Impacts

Introductory quote from Nausicaa Delfas:

“The past few months have felt like we are already in a ‘new era’.

The impact of the coronavirus pandemic has not only changed how we all work but has also had a profound impact on our economy. Efforts to manage the long-term economic impact of Covid-19 are likely to define the regulatory agenda for years to come.

And of course, other developments will also define the ‘new era’: the changes resulting from EU withdrawal, as well as technological and societal changes.

So today I will focus on the impact of these developments on the financial regulatory system, and the opportunities they present.

But we should first address immediate challenges.”

The topics addressed are titled as:

  • Approaching the end of the Brexit transition period
  • After the Brexit transition period
  • The impact of Covid-19 and other changes

Timeline with relevant dates to be logged on regulatory calendar

  • Speech given on 1 July 2020

Next steps

The full speech is available on the FCA’s website

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