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Nick Bayley, Managing Director, Head of UK Regulatory Consulting at Duff & Phelps comments on Nikhil Rathi’s address to the City Regulators today:
“Crisis is almost always a catalyst for regulatory change, so it is unsurprising to hear the new FCA chief talk about his intention to ‘transform’ his organisation. Of course, achieving such a transformation will be no easy task given the huge amount of day-to-day authorisation, supervision, policy-making, monitoring and enforcement the FCA juggernaut has to do”.
“The new FCA chief is signalling that he wants to create a very different sort of regulator; one that is more diverse, technology-focussed and flexible. That will require significant investment, particularly in terms of bringing in new talent with quite different skills. That kind of genuine transformation doesn’t happen overnight and it doesn’t come cheaply.”
