The FCA will hold its Annual Public Meeting in Edinburgh in October for the first time as it increases investment in the Scottish capital.
The annual meeting will take place at the Assembly Room on 6 October and will coincide with a visit to Scotland by FCA chair Ashley Alder.
The FCA says the event will be a “milestone” for a UK-wide regulator.
While he is in Scotland, the FCA chair will open new office space as the FCA expands its workforce in the Scottish capital to more than 350.
The regulator says that Edinburgh continues to strengthen its position in global financial centre rankings and is a key part of UK’s financial services sector and its international competitiveness.
The watchdog says the decision to host the meeting in Edinburgh reflects its “ongoing investment in Scotland” and commitment to serving consumers and firms across the whole of the UK.
The annual meeting will be a hybrid event, with people able to join online as well as in person.
Mr Alder said: “Bringing our Annual Public Meeting to Edinburgh for the first time is a deliberate step to strengthen our visibility and accountability right across the UK.
“Scotland is a critical part of the UK’s financial services sector, and as we continue to grow our presence here, we want to be closer to consumers and the firms we regulate. Holding the APM in Edinburgh, reflects our focus on being more outward-facing, more engaged, and better connected to the markets we serve.”
A number of industry experts have backed the move in comments to the FCA.
Chris Cummings, chief executive of the Investment Association, said: “Edinburgh has a long heritage as a leading centre for financial services, including investment management, and it’s great to see that recognised as the city hosts the FCA’s Annual Public Meeting. This is the first time the meeting has been held outside London, underlining both Edinburgh’s importance to the financial services sector and the FCA's role as a UK-wide regulator.”
Derek Mitchell, chief executive of Citizens Advice Scotland: “We welcome the continued commitment and presence of the FCA in Scotland by holding their Annual Public Meeting in Edinburgh. This creates a stronger connection and gives greater voice to the consumers that Citizens Advice Scotland represents.”
Sam Ghibaldan, chief executive of Consumer Scotland, said: “Consumer Scotland has a strong relationship with regulators, including the FCA. I am delighted the FCA has chosen to hold its Annual Public Meeting in Scotland for the first time. Consumers in Scotland face a variety of challenges such as access to cash, affordable credit and financial inclusion, and we look forward to continuing our work with the FCA on these issues.”
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