By Charlotte Clark, Director of cross-cutting policy and strategy, FCA
We've launched our new Regulatory Priorities reports, starting with the insurance sector. This marks a new approach that will help to transform our supervision and streamline regulation.
We expect regulated firms to follow the rules and stay informed about any changes. This is important for maintaining a safe and resilient market. Our mission to be a smarter regulator means reducing burden where we can, so that firms can get the information they need as efficiently as possible.
Our Regulatory Priorities publications are part of this drive to simplify things. They replace our portfolio letters, which set out our expectations for firms in various markets.
There were more than 40 of these letters, with some firms needing to work through several to understand what they needed to do. We know these created an extra layer of complexity, and we’ve responded to these concerns.
What firms can expect
There are just 9 of the new publications, covering each sector at a higher level. We’ve designed them to make it easy for firms to get to the information that affects them directly, with the right links to the detail they need.
We’ve tested our approach with a pilot for insurance firms, which has helped us make sure the documents are easy to use. We’ve aimed to have clear content and easy navigation, summing up each of our priorities on one page with clear actions for firms.
The reports also set out what’s coming up in each sector - making them a succinct one-stop shop for regulatory information. We’ll publish them more frequently too, with an annual cycle - so it’s easier for firms to stay up to date with policies and issues as they develop.
The purpose remains the same though. Firms’ boards and chief executives should read these reports carefully, review the priorities we’ve set out – and act where they need to.
We want to keep the conversation going about how we can streamline our regulation and simplify our communication, letting firms spend more time serving their customers and creating growth. We hope these new reports will be part of that drive and are keen to know how they work for firms.
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