Tracey McDermott spoke on the first 78 days of FCA's existence. She focused on the structural changes within the new FCA such as the creation of the Policy, Risk and Research division and on the process changes and the creation of the new supervisory model. She discussed FCA's increasing use of behavioural economics to determine its regulatory strategy and outlined some experiments it has carried out to assess what communications are most likely to gain customers' attention. She said firms will have to get used to earlier engagement with enforcement teams and stressed the need for both two-way communication and a change in the culture in some areas of the financial services marketplace. She then focused on the need for senior management to lead by example and discussed regulatory actions against individuals. Finally, she discussed the credible deterrence policy and enforcement priorities. She said the LIBOR actions show FCA will focus on wholesale markets. She said it will also continue its drive against misselling and looking at particular products. (Source: FCA Speaks on Credible Deterrence)