MAINTAINING EFFECTIVE RELATIONSHIPS
Working with EU and other international bodies
We fully recognise that an increasing part of our work will be to implement, supervise and enforce EU and international standards. The FCA will actively bring its expertise to international debates and rule-making, toensure that the standards set on consumer protection and market integrity are consistent with our objectives. In particular, we will provide thought leadership and influence to achieve outcomes that work for UK consumers and firms.
Our negotiating positions will be based on a comprehensive understanding of what is inconsumers’ interest and on ensuring thereis no dilution of consumer protection at domestic level. In addition to defending our positions, we will seek opportunities to shape debates and lead work at the very earliest stages.
We may take action to address domestic issues even if standards are due to be set internationally at a later date. An example of this is the Retail Distribution Review (RDR), which has led to the UK setting its own conduct rules in the retail investment market despite European standards being developed subsequently. We recognise this has implications for firms and that they may feel they have to implement similar sets of standards twice. In these situations, we will look to strike a balance and carefully analyse the most appropriate action as to whether to hold back domestically or press ahead with our own solutions.
We will maintain constructive relationships with our key EU and international stakeholders and engage early with new policy initiatives and debates as they emerge. We will recommend circumstances where we think EU-level action is appropriate.
Similar or related issues are often discussed at a range of different EU and international meetings. Representation at these meetings will be split across the Treasury, the Bank of England, the PRA and the FCA.
While the Treasury will continue to lead on UK negotiations on EU directives and regulations, we will be responsible, with the PRA, for developing draft technical standards through the European Supervisory Authorities.
In particular, we will play an active role in leading and developing the EU and international policy agenda through the European Securities and Markets Authority and the International Organisation of Securities Commissions. We will also be represented on the Joint Forum, which deals with issues common to the banking, securities and insurance sectors, and play a role in the Financial Stability Board. We second a number of our experts to advise EU and international bodies.
We will coordinate and consult with the Treasury, Bank of England and PRA on issues of common interest or concern. The ways in which this will work in practice have been set out in a Memorandum of Understanding that outlines the principles that our international engagement will be based on. We will also be a member of a new International Coordination Committee, which is responsible for ensuring the UK authorities act in accordance with these principles.
Throughout all of our negotiations and discussions we will aim to ensure that our representation is effective, coordinated and balanced, and that consumer protection and conduct issues are considered.
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