Speeches by Rigby.

“Thank you for raising the issue. I have received a number of letters and have spoken to a number of our colleagues about exactly this issue. I know how many people are affected and the demographics of who is affected. I have raised this matter with officials at the Treasury. Ultimately, it is a matter for the FCA to de…”

“No, we are not concerned that it will further overstretch the FCA. This step has been taken because of the recognition of the importance of anti-money laundering to cracking down on fraud and corruption more broadly, and the recognition that the FCA is the authority best suited to do that supervision. As you know, at t…”

“It is important to be clear that it is not a case of ignoring concerns at all. A decision has been taken in the round that the FCA is the best central home for AML. That means that professions like those you mention, and my former profession of solicitor, will have their regulatory home body switched from the Solicitor…”

“As you know from its annual report, OFSI has made great strides forward, when it comes to its objectives. In the last year alone, it has issued sanctions of nearly £1 million-worth of sanctions. When I talk about great strides forward, I do not just mean in relation to amounts of money by way of sanctions; importantly,…”

“As I alluded to, OFSI is making sure that the guidance that is out there for businesses is full and comprehensive, such that compliance can be more efficient and easier. I would say that that is the key way in which preparation is being conducted.”

“May I first make a point that I should have made in relation to Mr Coghlan’s point? I want to thank all the civil servants who are part of OFSI. As I am sure you know, nearly £30 billion of frozen Russian assets have been actioned by OFSI. That is a critical part of harming Russia’s war effort in Ukraine. I just wanted…”

“I think it is really important that the capital review is ongoing. We have been clear that we want to see what comes out of that. The same is also true of the ringfencing review. We want there to be meaningful things that come out of that.”

“For ringfencing as a whole?”

“The Chancellor has been clear that the ringfence will continue to exist, but that she wants the change that stems from the review to be meaningful. She set out a range of ways in which that change could be meaningful, including services being offered by both the investment and the retail banks. But the review is the re…”

“I know that you are aware that the Government have a target across the board of cutting regulation by 25%. There are specific ways in which that target is being realised. For example, in the senior managers regime, we have said that we want to reduce that burden by 50%. I can talk more about the reporting requirements …”

“No, no—not at all. You raised the Consumer Credit Act. We will come forward with a financial services Bill, and that Bill will have an awful lot of content, not least because, as I said, there are 63 things in the strategy that we need to drive forward.”

“It is not necessary from the point of view of ensuring that there is someone within financial services firms who is responsible for the use of AI. In the regulation as it stands, there is nothing to stop additional categories being added.”

“A high proportion of FS firms do actually have a single person who is responsible for AI. Some do not and some do, but you do not need that, from the point of view of a regulatory framework, to ensure that there is someone who is responsible, because senior managers are responsible for the outcomes in the way that we h…”

“It will, as the PSR moves into the FCA. You are right that we have not brought forward the legislation in relation to it yet.”

“I suspect when we bring forward the plans, including from a structural and other point of view.”

“I am wary of going near parliamentary time.”

“I am keener than anyone to ensure we get parliamentary time for this, and indeed to make all of these reforms a priority.”

“I will make this as an overarching comment for everything in the strategy, and there is a timeline of deliverables at the back of it: I am determined to deliver this as quickly as is feasible, because I recognise the importance to the wider economy and to the point we were just making about the scale of international c…”

“It sounds like I will.”

“There is market sensitivity as well as commercial sensitivity.”