News

Law

Asset Management

Investment Banking

Wealth

Hedge Funds

People

Newsletters

Events

Lists

People

UK financial regulator seeks clearer mission

FCA's new chief executive tells annual meeting the agency needs to clarify its priorities and how best to use its powers

Andrew Bailey, FCA chief executive
Andrew Bailey, FCA chief executive

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.

WSJ Logo