The Financial Conduct Authority is recruiting 80 staff as part of a new three-year strategy to improve outcomes for customers in the markets it regulates throughout the UK. The strategy will focus on preventing serious harm, setting higher standards and promoting competition.

In a statement, the regulator said: “The strategy builds on activities launched last July, when Nikhil Rathi (pictured), chief executive of the Financial Conduct Authority, committed the regulator to become more innovative, assertive and adaptive and transform the FCA into a data-led platform that can face the threats and opportunities of the future.

“This approach led to the FCA reforming the general insurance market, saving consumers an expected £4.2bn over 10 years; leading the transition from LIBOR; helping small businesses claim £1.3bn against business interruption insurance cover; bringing its first ever criminal prosecution under anti-money laundering regulations, with NatWest fined £264m; and protecting consumers from scams by preventing unauthorised firms from advertising financial products on Google.”

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