Core Viewpoint - The UK's Financial Conduct Authority (FCA) is changing its approach to market failures, moving away from creating new rules as the default response, emphasizing a more outcomes-based approach instead [1][2]. Regulatory Approach - FCA CEO Nikhil Rathi indicated that not every issue requires significant interventions or new regulations, suggesting a shift in focus due to the post-Brexit regulatory landscape [1]. - The introduction of consumer duty is expected to reduce the need for extensive rules, as it aims to improve outcomes for consumers [2]. Regulatory Modernization - The FCA is also focusing on regulatory modernization, particularly concerning data reporting and compliance burdens, in response to rapidly evolving markets and technology, especially in AI [3]. - Concerns were raised about the potential impact of rising mortgage rates on borrowers, highlighting the need for careful monitoring in this area [3]. Retirement Outcomes - Rathi expressed concerns regarding retirement outcomes, noting that it is detrimental to society when individuals retire with incomes below expected living standards while their wealth is largely tied up in housing [4]. Communication and Transparency - The FCA is enhancing its communication regarding enforcement actions, despite some resistance from the Treasury regarding transparency [5]. - Industry voices have expressed concern that reduced rule-making may leave many companies unprepared for the implications of a less regulated environment [5][6]. Industry Preparedness - Some industry leaders, like Kenny MacAulay, have warned that while reduced regulations may be welcomed, many firms are ill-equipped to handle the challenges of a deregulated landscape, particularly in terms of cyber risk and data management [6].