In this episode of Talk FS, Ryan Venner interviews Ravi Bala, the former head of innovation at the FCA. They discuss the FCA's role in promoting innovation within the financial services sector, the importance of proactive engagement between firms and regulators, and the impact of the new consumer duty on the industry. Ravi shares insights on the regulatory sandbox, global collaboration in regulatory innovation, and the significance of academic partnerships. He also reflects on career advice and the importance of viewing one's career as a journey with various paths.

Key Takeaways:

• The FCA aims to preserve market integrity, protect consumers, and promote competition.
• Innovation is essential for the FCA to fulfil its regulatory mandate.
• Proactive engagement with the FCA leads to better outcomes for firms.
• The regulatory sandbox allows firms to test their business models with real consumers.
• Global collaboration among regulators enhances regulatory innovation.
• The new consumer duty focuses on putting the customer at the centre of financial services.
• Academic partnerships can drive regulatory innovation and knowledge exchange.
• Career paths are not always linear; sidesteps can be purposeful.
• Measuring the effectiveness of consumer protection is crucial for the FCA.
• The pandemic has changed the way regulators and firms interact.

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