International activities
London is one of the world's largest and most diverse international market places. Financial services companies are increasingly global in their scope, so as the UK regulator, we inevitably have a key role to play in the international financial community.
In carrying out our supervisory role we work to ensure that financial groups are properly controlled and managed, have adequate financial resources and comply with our rules. This involves a high degree of co-operation with the supervisory authorities in other jurisdictions.
In addition, we are involved in over 100 international working groups, both within the European Union and elsewhere internationally, many of which have the aim of improving the standard of regulation. We work closely with EU institutions and other member states in the design and implementation of financial services legislation, and there are occasional secondment opportunities to the Commission, the Parliament and to the secretariats of the expert committees (on banking, insurance and securities).
We are also actively engaged in the development of global codes and standards of supervision; in the identification and mitigation of sources of vulnerability in the global financial system; and in international efforts to counter financial crime and terrorist funding.
So although we are a supervisory authority with a clear domestic agenda, an international perspective is key to what we do, and we devote a considerable amount of time and energy to this.