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Competition and Innovation in Financial Services: The Regulator's Response

Christopher Woolard, Executive Director of Strategy and Competition at the FCA delivered a speech at Cheung Kong Graduate School of Business.   Highlights were:
Competition is central to the effective running of financial markets. It drives innovations that consumers want and ensures value for money.  
The FCA intervenes where competition can't perform its vital function and there's a risk of consumer harm.
The FCA's Project Innovate positively fosters innovation that focuses on offering better outcomes for consumers.
The full text of the speech can be found here.