In a speech to the City Banquet at Mansion House on the future of financial regulation Tracey McDermott, the Acting Chief Executive of the FCA suggested that the time was right for turning to the future and asking what good regulation looks like, acknowledging "that boards are now spending the majority of their time on regulatory matters and acknowledging the need to avoid crowding out creativity, innovation and competition".  She noted that good regulation should "create the best environment we can to allow competition to take place" and to allow innovative new approaches.