The financial regulator has been directed to favor risk-taking in the City, raising fears of a return to crisis-driven regulatory laxity amid Labour's changing stance.
Chancellor Rachel Reeves stated regulations protecting consumers mustn't hinder sensible risk-taking, urging the FCA to foster growth in banks, asset managers, and insurers.
Jesse Griffiths warned that prioritizing financial sector growth can detract from supporting domestic businesses and lead to a repeat of the mistakes from the 2007-08 financial crisis.
The FCA acknowledged the necessity of balancing regulations with growth, asserting that while regulation is vital, it must not inhibit the overall economic landscape.
Collection
[
|
...
]