Defining acceptable level of harm to consumers risks "false dichotomy"

With the UK Government scrambling to stimulate growth, pressure has fallen on the Financial Conduct Authority to carve back regulatory barriers. As reported in the Financial Times, [1] FCA chief executive Nikhil Rathi warned that more would "go wrong" and called for politicians to define an acceptable level of harm to consumers. Nina Moffatt comments:

Nina Moffatt (ninamoffatt@paulhastings.com) is a fintech and regulation partner at law firm Paul Hastings.

The extent of regulatory rules is overwhelming for UK-regulated businesses and is a significant barrier to entry for new businesses.