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FCA market regulation will see greater focus on culture

The FCA is “still active” in domestic markets regulation despite an increasing international focus in this area, says chief executive Martin Wheatley.

In a speech at the FCA Market Conference today, Wheatley said engaging with international regulation is key to achieving its objectives and as a result it will issue less policy material on markets than might be expected.

He said: “As most of the big questions for markets are international ones, you will see less policy material directly from the FCA than you might expect.

“But that does not mean we are inactive. Far from it. We take our international role very seriously.”

He added: “As markets have become ever more international, so too has markets regulation. The FCA is firmly at the heart of this global regulatory landscape, and is here to drive forward a changing global agenda that emphasises conduct and culture.”

Wheatley said the FCA is shifting its focus from infrastructure to culture in markets regulation.

He said: “A lot of the work since the crisis has focused on strengthening the resilience of our institutions and infrastructure.

“As this work nears completion, the spotlight is shifting. It is shifting towards market practices, industry culture, and individual behaviour.

“And the FCA will drive this conduct-focused agenda, through coordinated engagement with market participants and with international counterparts.”

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