FCA Executive Director Sets Out Growth-Focused Regulatory Strategy at Building Societies Conference

Sarah Pritchard outlines plans to support economic growth while helping consumers make financial decisions and modernising regulatory rules.

The Financial Conduct Authority has unveiled its approach to balancing growth with consumer protection as part of a major regulatory reset. Sarah Pritchard, FCA Executive Director for Supervision, Policy and Competition, detailed the strategy at the Building Societies Association Annual Conference this week.

View tweet from @TheFCA

The regulator’s new five-year plan centres on four key priorities. Supporting economic growth tops the list, followed by helping consumers manage their financial lives, fighting financial crime and becoming a smarter regulator overall.

A Smarter Approach to Rules

Pritchard emphasised the FCA wants to reshape regulation through smarter rules rather than wholesale deregulation. The authority plans to strip away unnecessary regulatory burdens that prevent firms from innovating while maintaining solid consumer protections.

This rebalancing of risk reflects lessons learned from implementing the Consumer Duty standards. The FCA aims to deepen trust in financial services while supporting growth through proportionate and effective oversight.

The strategy builds on recent progress including lower motor insurance costs for drivers. Officials have also pointed to initiatives like pensions dashboards as examples of how regulation can improve access to savings and retirement planning.

Future-Proofing Financial Services

The speech comes amid broader UK efforts to build a future-proof financial system focused on outcomes rather than rigid processes. Building societies and other regulated firms may find more room to compete and develop new products under the streamlined approach.

But consumer advocates remain cautious about any shift in the risk balance. They stress that strong protections must remain in place beyond the existing Consumer Duty framework, especially around tailored financial wellbeing support.

The FCA’s strategy represents a significant shift towards supporting innovation while maintaining the regulatory standards introduced following recent financial crises. This balanced approach aims to foster market growth whilst ensuring consumer protection remains at the heart of financial regulation.

Source: @TheFCA

Key Takeaways

FCA launches five-year strategy prioritising growth support and consumer navigation

Regulator plans smarter rules and reduced burdens while maintaining protections

Building societies may gain more flexibility to innovate under streamlined oversight

What This Means for Kent Residents

Kent households stand to benefit from the FCA’s rebalanced approach through improved access to competitive financial products and services. Local building societies operating under streamlined rules may offer better savings rates and mortgage deals as regulatory burdens ease. Residents should also see continued protection from unfair practices while gaining access to tools like pensions dashboards that make retirement planning simpler and more transparent.

Source: @TheFCA

Published: 28 April 2026

Source: @TheFCA on X. This article has been researched and rewritten with editorial balance by Kent Local News.