London 09/12/2014 - The Financial Conduct Authority (FCA), which regulates the UK's financial markets, is adopting a new strategic approach to ensure it can meet forthcoming regulatory challanges.
"The approach is shaped by a strategy that will provide a 'sharper focus' on how firms are regulated and on delivering the right outcome for consumers and the markets," it said in a release.
Among the changes that will take place from January 5, 2015, the FCA said it will bring together the current authorisations and supervision divisions, with specialist supervision functions such as financial crime and client assets. Two divisions will be created from April 2015, allowing for a clearer distinction between the regulation of large and smaller firms.
It will create a new risk division to provide a strategic approach to the management of internal and external risk, a new markets policy & international division to focus on and influence the European stage and a market oversight division.
"The financial industry continually evolves and to regulate it effectively we must evolve too," Martin Wheatley, FCA CEO, said.
(Editing by Mark Shaw)