In an otherwise quiet late August, the UK’s markets watchdog has dominated the news agenda.
Amid a challenging year in which the Financial Conduct Authority’s employees have been navigating compliance headaches arising from both the coronavirus crisis and Brexit, Financial News reported the regulator had been criticised for not giving more thought to unintended consequences arising in other areas of its policy-making.
FCA backtracks draft rules forcing funds to monitor advice quality after asset managers object
The FCA’s regulator-in-chief Nikhil Rathi is striving to make his mark on the organisation he joined 10 months ago.
Under the leadership of Rathi since October 2020, the FCA has been grappling with mounting workloads as Brexit gives more powers to UK regulators. It is also tasked with getting back on track initiatives derailed by the Covid-19 pandemic, all while undergoing significant structural change as part of Rathi’s ambitious “transformation programme” for the watchdog.
It’s an environment that has prompted some of the regulator’s…
