Speaking at the Corporation of the City of London’s annual City Dinner on 22 October 2026, Rathi emphasised that the UK’s financial services sector, a global leader in areas like cross-border banking and AI adoption, provides a strong platform for future growth. He noted that while the UK is a leader in innovation, the regulatory system must accelerate its response to rapid technological change, including advancements in artificial intelligence and decentralised finance.
Rathi highlighted the FCA's commitment to making better use of technology and intelligence, and more assertive use of its powers to tackle system-wide risks and financial crime. He stressed that trust in institutions erodes if problems cannot be solved quickly, warning against an 'analogue approach in a digital age' where regulation lags behind market innovation.
The FCA chief outlined plans for regulatory reform focused on outcomes rather than 'tick-box compliance', aiming to streamline processes and free up resources to focus on areas of greatest harm. He also pointed to the importance of stronger partnerships between regulators, industry, government, and international counterparts to address complex risks such as cyber security and cross-border financial crime.
Rathi called for a collaborative approach, stating, 'Partnership not just between financial regulators but more widely. Only through partnership can we deliver the system-wide response needed to protect market integrity.' He concluded by expressing confidence that by harnessing technological progress, the UK can maintain its position at the forefront of financial services innovation and economic growth.
