CBI sets out 2022 regulation priorities
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.