LONDON (Reuters) – The Financial Conduct Authority said on Thursday it will spend 120 million pounds ($166 million) over three years to improve its data strategy and spread more staff across Britain to tackle market abuses faster.
The FCA has come under heavy criticism for its botched handling of London Capital & Finance, the investment fund whose collapse is forcing the government to use taxpayer money to compensate thousands of investors.
Former finance ministry official Nikhil Rathi, who became chief executive last year, has already revamped his executive team and has pledged to act faster in cracking down on financial scams.
The watchdog also has the task of reforming Britain’s huge financial sector after the City of London was largely cut off by Brexit from January.
“The FCA must continue to become a forward-looking, proactive regulator. One that is tough, assertive, confident, decisive, agile,” Rathi said in a statement accompanying his first annual business plan since becoming CEO.
“Over the next 18 months you will continue to see an FCA that looks and feels even more different. One that operates differently, partners differently, and communicates differently.”
Rathi said the FCA is exploring opening an office in the northern English city of Leeds with at least 100 staff based there, and doubling headcount to over 200 in its Edinburgh office.
($1 = 0.7220 pounds)
(Reporting by Huw Jones; editing by Rachel Armstrong and Jason Neely)
