The FCA has published a speech given by Christopher Woolard, Director of Strategy & Competition, on the FCA’s continuing priorities for 2015, the pace of change in the financial sector and how the competition agenda is becoming increasingly important for the FCA as a regulator.

The speech highlighted the FCA’s efforts to keep up with the pace of some of the challenges facing the financial sector and Mr Woolard commented that the FCA’s priorities are to supervise and enforce against specific individuals and firms, address the culture of certain firms and encourage a better use of intelligence and ‘foster disruptive innovation’ in the interests of consumers.

Mr Woolard says that the FCA will be using market-based regulation to lead to more of the answers and will seek to use competition tools to find long-term solutions: “We want to use our competition work to help us strike the right balance between static rules and adapting with the grain of markets to get good long-term, sustainable consumer outcomes.”