Image Credits - The Korea Herald
Jane Thompson, the newly appointed Financial Regulator has announced her commitment to enhancing collaboration with the nation’s primary financial watchdog, the Financial Conduct Authority (FCA). This initiative marks a significant step towards strengthening the regulatory framework governing the financial sector.
Thompson, who took office last week, outlined her vision in a keynote address at the National Financial Regulation Summit. She emphasized the need for a cohesive approach to regulation, highlighting the critical role that effective communication and collaboration between regulatory bodies play in safeguarding investor interests and maintaining market integrity. By forging stronger ties with the FCA, we aim to create a more integrated and responsive regulatory environment that can adeptly address emerging risks and challenges.
The Financial Regulator plans to establish a series of joint task forces with the FCA to tackle specific areas of concern, including cybersecurity threats and financial market manipulation. These task forces will facilitate the sharing of intelligence and best practices, enhancing the overall efficacy of regulatory measures.
In addition to these collaborative efforts, Thompson is spearheading the development of a unified regulatory framework that will streamline compliance requirements and reduce bureaucratic hurdles for financial institutions. This initiative is expected to foster a more transparent and efficient regulatory landscape, benefiting both industry players and consumers.
The FCA has welcomed the new regulator’s approach, with FCA Chairman Richard Morris expressing optimism about the potential benefits of closer cooperation. As the regulatory landscape evolves, this renewed partnership represents a forward-looking strategy aimed at fortifying the financial system against future uncertainties and challenges.