Speech by Sheree Howard at the FCA's Gateway to growth, Chicago Booth London Conference Centre.
The first time I flew was in my teenage years, and like many of my generation, that was a flight to Europe for a family holiday. I didn’t make it further afield until I was in my mid to late twenties.Today, most, if not all of us, would think of international travel as the norm – especially given the global nature of our business.It is amazing, therefore, to think that right around this time in 1970, the first jumbo jet with fare-paying passengers landed at Heathrow.That flight unlocked global travel to and from the UK on a new scale – and turned Heathrow into a gateway to the world for the majority.But with this expansion came a new issue. Airport security – the gateway into the country itself – had to be reimagined. It needed to keep pace and process passengers on a larger scale and at speed without sacrificing safety.At the FCA, we are in the same business, in a way. We protect consumers and ensure the integrity of the UK’s financial market.And our gateway is the airport security and passport control of financial services.High standards are non-negotiable.Market participants demand them, just like we do as passengers, and they will stay away if it is not there.But our gateway must not be a barrier to growth.We know that a thriving, competitive financial services market is the bedrock of a growing economy. Especially ours here in the UK.So, I wanted to start by emphasising that we are open for business, and welcome new applications – including those from overseas.We are here to support firms – and those who advise them – as they embark on their journey to authorisation.Much like airport security, the FCA gateway is evolving to meet today’s challenges: innovative business models, international competitiveness and new technology.We are working hard to handle the scale and complexity of the authorisations journey while maintaining high standards – without adding time and frustration.And, while I know that some in the room may have experienced lengthy assessments in the past, we are moving more quickly.