Tracey McDermott, FCA Chief: Volume & Intensity of Regulation Unsustainable
In a speech at City Banquet, Mansion House yesterday, Tracey McDermott, Acting Chief Executive at the FCA admitted that “the intensity and volume of regulatory activity over recent years is not sustainable – for regulators or for the industry”.
She added that boards are spending the majority of their time on compliance and regulatory matters, which “cannot be in anyone’s interests.”
It is clear from her speech that this level of regulation and scrutiny is a real problem for many companies and one that we are dedicated to solving.
Read the full article in the Financial Reporter:
As she said in her speech, “we regulate, deregulate, repeat on an infinite cycle”. This process of constant change leaves businesses on a perpetual treadmill of checking, updating and re-checking.
To avoid these same problems in your business it is important to implement a strategy that will ensure you are continually aware of and up-to-date with all the new regulatory requirements on an on-going basis.
McDermott commented that the ever-changing landscape of compliance and regulation would in time “crowd out the creativity, innovation and competition which should present the opportunities for growth in the future”.
One of the most effective ways for regulated businesses to stay focused on growing and developing their business is to outsource these challenges to a dedicated support team at Anything Compliance.