The FCA argues back at financial inclusion being included in mandate
The Financial Conduct Authority has responded to a Treasury Select Committee report on the Future of Financial Services Regulation disagreeing with the recommendation that it should ‘have regard’ to financial inclusion.
The report, published in June, outlined that competitiveness should not become a primary objective for financial regulators, warned against any inappropriate weakening of the UK’s strong regulatory standards, and reaffirmed commitment to regulatory independence.
The committee supported calls for regulators to be given a secondary objective to promote long-term economic growth, and recommended that the FCA should have regard for financial inclusion in its rule-making.
FCA CEO Nikhil Rathi
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