Director General, Financial Conduct Derville Rowland has given
a
speech setting out the CBI's financial regulation
priorities for 2022, with the overall objective being
"...to create the regulatory context in which the
potential benefits of innovation for consumers, businesses and
society can be realised, while the risks are effectively
managed".
The Director General spoke directly to two topical issues -
exits from the retail banking sector and the CBI's approach to
the authorisation of firms. In relation to the latter, the Director
General commented that the CBI will continue to take a
"...forward-looking approach to the authorisation of
firms, in line with European standards and norms" and
that "[o]ur experience has shown that where the
authorisation process is done well, it mitigates risks which can
emerge in supervision". New applicants and their
advisors will be interested to see how this approach plays out
going forward.
