“Our openness is the reason why so many across the world come to do their business in London. And why, therefore, we remain global leaders from insurance to debt issuance, from asset management to derivative trading.”
However, Pritchard said being open is not enough to drive growth, she felt enhancing the UK’s international competitiveness in financial services was about creating the correct conditions for firms to feel confidence to invest in the UK.
She said: “Creating those conditions means then maintenance of high standards and the preservation of our ability to act, where required.
“We have noticed an uptick in proposals where for a firm's activity taking place on UK soil, the individuals undertaking senior management functions will not be based in the UK. I
"f firms run or manage their UK operations from elsewhere, our ability to supervise them is lessened. As is our ability to hold parties to account should things go wrong.
“Over time this could impact the UK’s attractiveness as a global financial services centre. It is for this reason that we expect senior managers to spend time in the UK appropriate with their responsibilities here.”
Pritchard said any firm wanting to expand in the UK or out of London should “come and talk” to the FCA who can get firms to market “more quickly”.
She concluded: “Only by considering all the elements that create the right foundation for investment and growth will we succeed. To do so, we, the regulator, need to be open-minded, open to change.
"To provide support for those who want to do business here, but sustain trust and our national reputation through the maintenance of high standards.”
alina.khan@ft.com
