In a speech, Financial Conduct Authority Deputy Chief Executive Sarah Pritchard set out how the regulator is trying to balance growth, risk and trust by operating as a more data-led and transparent supervisor rather than focusing only on rulemaking. The speech largely restated the FCA’s strategic direction, while highlighting progress on pro-growth measures, the rollout of Targeted Support and the regulator’s use of technology to process supervision and authorisation work faster. Pritchard said the FCA had delivered the vast majority of the nearly 50 pro-growth measures it set out in January 2025, including Targeted Support, which went live in April and has already led to seven firms being approved, with 23 more having applied for authorisation or joined the pre-application support service. She also pointed to expanded innovation support, including a Scale-up Unit, more than 300 applications to the pre-application support service, and live testing of artificial intelligence through the FCA’s sandbox with Nvidia. On supervisory delivery, the speech cited shorter review and triage times through data and AI, a 38% reduction in low-risk cases in the supervisory caseload, and a rise in proactively identified cases to nearly 40% from 28% a year earlier. It also highlighted 17 criminal convictions, GBP 129 million in fines, GBP 82 million returned to consumers, nearly 10,000 financial promotions amended or withdrawn, and action against 30 suspected unregistered crypto brokers and a payments institution. Looking ahead, the FCA said it will launch a new Climate Scenarios Sandbox cohort later in 2026 and is preparing for tighter authorisation service targets. The speech also pointed to greater disclosure of supervisory and enforcement activity through the FCA’s new Enforcement Watch and to current performance against authorisation timelines, with 99.2% of applications decided within existing statutory deadlines and 97.6% within future proposed deadlines.

Original source Back to tracker