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Confirms jobs expansion

Craig: ‘FCA needs to plug into Scotland’s ‘zeitgeist’

Maggie Craig at Lang Cat

Maggie Craig: ‘we need to breathe the Scottish air’ (pic: Terry Murden)


 

The financial services regulator is to step up its activities in Scotland to ensure it “gets the zeitgeist” of what it going on north of the border in terms of technological change and shifting consumer demands.

Maggie Craig, head of the Financial Conduct Authority’s Scotland office, told a seminar in Edinburgh, that the sector’s watchdog would be engaging more closely with fintech and data analytics developers in business and academia, government ministers, civil servants and economic development agencies.

Ms Craig said it had increased its staff from 86 when it opened in September 2017 to 112 currently, and confirmed an exclusive Daily Business report in January that the payroll will increase to 200. New jobs will be created in supervision, authorisation, data analytics and an external affairs engagement team.

“Financial services jobs in Scotland are growing faster than elsewhere in the UK,” she told an audience of professionals attending the first Lang Cat Live.

She said great work was going on in the fintech community and at organisations such as the Edinburgh Futures Institute.

“We felt we were missing a trick in terms of recruiting and in engaging with FinTech Scotland and in just getting the zeitgeist and ‘breathing the Scottish air’.”

Ms Craig sits on the board of FinTech Scotland but she said not enough discussion was focused on RegTech “and this will be powerful”.

She said: “Changing customer needs will make a huge difference and Andrew Bailey [CEO of the FCA] is keen for us to be on the front foot.

“We need to have a debate about the future of regulation and ask whether our own principles are fit for purpose. It is about us challenging ourselves.”

Ms Craig said there would be news soon on making it easier to switch mortgages.



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