In an exclusive Inside FCA Podcast interview where he looks back at challenges and achievements of the past year, Andrew Bailey also reflects on his time as Chief Executive and focuses on current issues, calling on large technology companies to work with the regulator to help protect consumers.
“We would like much more assistance from the big internet service companies, particularly Google, to be prepared to establish an evidential standard by which if that evidential standard is met, they take down very quickly promotions that we identify to them are frauds or misleading”, he says.
Talking specifically about ‘transformation’ of the FCA, he emphasises the ongoing work to reform the organisation, including its approach to data.
He also highlights the unique remit of the FCA, which he believes will become more important in future as the UK prepares to leave the European Union. He goes on to emphasise the importance of this work and its role in helping society.
“I think the main thing is to remember that we’re doing a very important job, we’re doing a hard job, nobody ever said it was easy, we didn’t come here to do an easy thing. I think that’s part of the great challenge and part of the great fascination of the FCA.”
Subscribe to The Financial Analyst to get original opinion and all the latest news on trending financial topics and breaking stories related to analysis and global markets. If you have a tip or a financial opinion to share get in touch to submit your story.