FCA chief vows to break the 'cycle of regulation'

FCA's acting CEO addressed Mansion House City Banquet

Financial Conduct Authority (FCA) acting chief executive Tracey McDermott vowed to break what she called the "regulate, deregulate, repeat cycle" of financial services regulation, as she laid out her plans for future regulation to the annual Lord Mayor's City Banquet.

In a speech delivered last night at Mansion House, McDermott acknowledged there is a need to soften the regulatory grip on firms - but warned against complacency and forgetting the "lessons of the past". She told guests the regulator had come a long way towards eliminating the causes of bad behaviour in recent years but the current intensity and volume of regulation was "not sustainable" for either industry or regulators. FCA exits and entrances: Nick Poyntz-Wright out in reshuffle The danger, she said, was a "sensible desire" to reduce unnecessary regulation would allow the "pendul...