The FCA published its letter in response to a letter in December from the Chancellor calling for proportionate regulation to support the government’s growth mission.
Key steps outlined in the response include:
- Authorisation Support: Extending pre application support to all wholesale, payments, and crypto firms;
- Streamlined Regulation: Simplifying and streamlining rules in the FCA Rulebook following engagement with industry; and
- Promoting Digital Innovation: Progressing the digital securities sandbox and avoiding the implementation of further Artificial Intelligence (AI) regulation by relying on existing frameworks;
✅ FCA-regulated firms can review the FCA’s plan to support UK growth and align their strategic objectives to capitalise on the upcoming regulatory changes effectively.