FCA CEO confirms 'less rules' in regulator's approach

In favour of using Consumer Duty

Isabel Baxter
clock • 2 min read

The Financial Conduct Authority's (FCA's) CEO, Nikhil Rathi, has set out a shift in the regulator's approach, moving away from writing new rules in favour of using the Consumer Duty and supervisory tools to address market failures.

Speaking as a guest on the Fairer Finance podcast, Rathi acknowledged that "not every problem is going to be solved quickly by doing big interventions, more rules, bans, guidance". "I think that there's a whole range of influences that are informing our willingness to write lots of new rules…. we're moving to an outcomes-based approach, and that will mean less rules in the future because we think the Consumer Duty will do a lot of the work for us," he set out. Rathi then highlighted the regulator's approach to enforcement action. "The Treasury, I think, weren't pretty secret ...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Regulation

NHS waiting list up to 2026 high

NHS waiting list up to 2026 high

List stands at 7.28m

Cameron Roberts
clock 09 July 2026 • 2 min read
Probate fee to rise by 75% from mid-July 2026

Probate fee to rise by 75% from mid-July 2026

Broader client conversations on estate planning encouraged

Jaskeet Briah
clock 08 July 2026 • 3 min read
FCA review highlights role of AI in tackling protection gap

FCA review highlights role of AI in tackling protection gap

Warning AI could make markets more opaque

Jaskeet Briah
clock 07 July 2026 • 4 min read