The regulator has said it will also set out its own ideas and publish detailed papers; including an analysis of future market dynamics, a discussion paper about its principles, and a consultation paper on the duty of care.
Speaking at the City of London Cicero event on Future of Regulation Christopher Woolard, executive director of strategy and competition at the FCA, said: “The first thing we have to acknowledge is that we live in a very different world to the one in which our rules were framed.
“We can’t answer these questions alone. It’s vital that our approach has the confidence and consent of our stakeholders and the wider public.
“So, over the coming months we will be engaging in a public conversation.
“But one thing is already clear – we are moving from a narrower compliance with the rules, to a focus on delivering the outcomes we want for the users of financial services. This means doing things differently.”
Woolard said that the first step is to clearly state what outcomes the FCA wants to see in markets and the second step is to use everything available in the regulatory toolkit Parliament has given them.
“Simply put, our aim is to be a regulator fit for the age we’re in.”