The UK Financial Conduct Authority will set out a new mission to make its role more accountable and easier to understand, the agency’s new chief executive said on July 19.
Andrew Bailey, in the job for three weeks, said the FCA needs to clarify its priorities and how best to use its powers, after a chequered three-year history for the sprawling agency. The FCA's brief includes supervising more than 40,000 financial firms and monitoring many of the country's financial market activities. The regulator also must promote competition and protect consumers, and enforces individual and corporate conduct across the financial sector.