Speech by Sheree Howard at the FCA’s Gateway to growth, Chicago Booth London Conference Centre. The first time I flew was in my teenage years, and like many of my generation, that was a flight to Europe for a family holiday. I didn’t make it further afield until I was in my mid to late twenties.Today, most, if not all of us, would think of international travel as the norm – especially given the global nature of our business.It is amazing, therefore, to think that right around this time in 1970, the first jumbo jet with fare-paying passengers landed at Heathrow.That flight unlocked global travel to and from the UK on a new scale – and turned Heathrow into a gateway to the world for the majority.But with this expansion came a new issue. Airport security – the gateway into the country itself – had to be reimagined. It needed to keep pace and process passengers on a larger scale and at speed without sacrificing safety.At the FCA, we are in the same business, in a way. We protect consumers and ensure the integrity of the UK’s financial market.And our gateway is the airport security and passport control of financial services.High standards are non-negotiable.Market participants demand them, just like we do as passengers, and they will stay away if it is not there.But our gateway must not be a barrier to growth.We know that a thriving, competitive financial services market is the bedrock of a growing economy. Especially ours here in the UK.So, I wanted to start by emphasising that we are open for business, and welcome new applications – including those from overseas.We are here to support firms – and those who advise them – as they embark on their journey to authorisation.Much like airport security, the FCA gateway is evolving to meet today’s challenges: innovative business models, international competitiveness and new technology.We are working hard to handle the scale and complexity of the authorisations journey while maintaining high standards – without adding time and frustration.And, while I know that some in the room may have experienced lengthy assessments in the past, we are moving more quickly.
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What is FCA? We protect people by helping them understand some of the most common risks they might come across when using financial services.
We publish warnings about firms that are doing business without our authorisation, and we encourage consumers to report scams, potential harm or bad conduct to us.
Our ScamSmart campaign targets individuals who are most at risk of investment fraud and pension scams. Our InvestSmart campaign also warns newer investors about the risks of investing online.
We want to help consumers protect themselves, so we work with consumer organisations to raise awareness of what we do. These organisations also help inform our approach to regulation.