Category: 3. Business

Scandinavian Airlines (SAS) has entered into an agreement to acquire 45 Embraer (NYSE: ERJ; B3: EMBR3) E195-E2 aircraft, with purchase rights for an additional 10 aircraft — the largest SAS jet order direct from a manufacturer since 1996. This milestone agreement supports SAS’ long-term fleet renewal strategy, which is focused on increasing efficiency, reducing emissions, and unlocking future growth opportunities from its global hub in Copenhagen as well as across its Scandinavian and international network.

The first aircraft deliveries from Embraer are scheduled to begin in late 2027, with further deliveries extending over approximately four years. Excluding purchase rights, the value for the order is approximately US$4 billion.

“This is a defining moment for SAS,” says Anko van der Werff, President & CEO, SAS. “The Embraer E195-E2 is a world-class aircraft, combining outstanding performance with excellent fuel efficiency and comfort. This aircraft is key to enabling future growth and improved connectivity across Scandinavia and beyond. We’ve taken the time to make the right decision — and this major investment reflects our confidence in the future and the strength of the agreement we’ve secured.”

The E195-E2 will play a vital role in optimizing SAS’ operations and enhancing connectivity across Scandinavia and Europe. Its size and range are ideally suited to complement SAS’ existing fleet and route structure, allowing for more frequencies, better network flexibility, and lower trip costs.

Built for the future of sustainable aviation
“The E2 is central to our strategy to build a modern, efficient fleet with strong performance. It enables us to serve more routes with lower emissions, better economics, and a premium experience for our passengers,” adds Van der Werff. “Together with Embraer, we are setting the course for the next chapter of SAS.”

The E2 family of aircraft has already been tested with 100% sustainable aviation fuel (SAF) and is in the process of being fully certified to fly on 100% SAF in the foreseeable future. Today blends of up to 50% SAF are already achievable.

Arjan Meijer, President and CEO Embraer Commercial Aviation, says: “We are thrilled to deepen our partnership with SAS through this landmark deal. The E2 is the quietest single aisle jet available today – 29% more fuel efficient and with a 62% reduction in noise footprint over the previous generation jet, the E195-E2 is a game-changer in terms of efficiency, performance, and passenger comfort. We are confident that these aircraft will play a crucial role in SAS’ fleet renewal and expansion strategy, supporting their ambitious growth plans and enhancing their operational capabilities.”

Powered by Pratt & Whitney’s advanced PW1900G GTF engines, the E195-E2 delivers double-digit reductions in fuel burn, emissions, and noise compared to previous-generation aircraft. The new fleet will help lower SAS’ environmental footprint and reinforce its position as a driving force in reducing aviation’s climate impact.

This order marks another step in SAS’ future-focused transformation, supporting a modernized fleet and improved travel experience. SAS continues to strengthen its overall network and international reach while enhancing connectivity between regional cities and global destinations through more seamless and sustainable operations.

This order was facilitated by the support of Skyworks Holding.

SAS was recently ranked as the world’s most punctual airline*, a testament to the company’s commitment to operational excellence and reliability.

*SAS ranked No. 1 out of 660 airlines globally for on-time performance in April and May 2025 (source: Cirium).

The combination of the oral histone deacetylase (HDAC) inhibitor bocodepsin (OKI-179) and binimetinib (Mektovi) had a manageable safety profile and produced initial responses in patients with NRAS-mutant metastatic melanoma, according to data from the phase 2 portion of the phase 1b/2 NAUTILUS trial (NCT05340621) presented during the 2025 ASCO Annual Meeting.¹

Findings from the primary analysis showed that patients treated with the combination achieved a median progression-free survival (PFS) of 6.7 months. Among 20 evaluable patients, the overall response rate was 30%.

Regarding safety, the combination was found to be tolerable. The most common toxicities occurring in more than 10% of patients were dermatitis acneiform (21%), anemia (17%), and thrombocytopenia (17%). No grade 3/4 toxicities were seen in more than 10% of patients, including no high-grade rash.

“Initial response data in patients with NRAS-mutant melanoma are supportive of potential combinatorial activity of a MEK inhibitor and HDAC inhibitor bocodepsin with longer PFS than what is typically seen with MEK inhibition alone,” lead study author Rodabe N. Amaria, MD, and colleagues wrote in a poster presentation of the data. “MEK inhibition and HDAC inhibition warrant further study in a larger patient cohort.”

Amaria is an assistant professor in the Department of Melanoma Medical Oncology, Division of Cancer Medicine, at The University of Texas MD Anderson Cancer Center in Houston, Texas.

Dive Into the Background and Design of the NAUTILUS Trial

Activating NRAS mutations occur in 15% to 20% of metastatic melanoma cases. The MEK inhibitor binimetinib has demonstrated modest single-agent activity in this setting, with an ORR of 15% and a median PFS of 2.8 months. Preclinical studies have shown that HDAC inhibitors can potentiate the efficacy of MEK inhibitors in RAS pathway–driven melanomas by concurrently suppressing 2 DNA repair pathways. Bocodepsin, a novel, oral, Class I–selective HDAC inhibitor, has been associated with low-grade toxicities and demonstrated synergistic activity with binimetinib in NRAS-mutant melanoma models, supporting the inception of the NAUTILUS trial.

NAUTILUS was comprised of a phase 1b dose-escalation and a phase 2 single-arm study.² The phase 1 portion enrolled patients with advanced solid tumors without activating RAS pathway alterations; phase 2 included patients with NRAS-mutant metastatic melanoma who previously received or were ineligible for immune checkpoint inhibitor therapy.

In the dose-escalation study, patients received either 200 mg (cohort 1; n = 8) or 300 mg (cohort 2; n = 6) of bocodepsin administered on a 4-days-on/3-days-off schedule, in combination with binimetinib at 45 mg twice daily.¹ The 300 mg dose of bocodepsin was established as the recommended phase 2 dose (RP2D) and was subsequently used in all 22 patients enrolled in the single-arm phase 2 portion.

In phase 1b, the primary end points were identification of the maximum tolerated dose and the RP2D.² In phase 2, the primary end point was objective response rate (ORR), with secondary end points including safety and pharmacokinetics.^1,2

The median age of patients in the phase 2 portion of NAUTILUS (n = 24) was 69 (range, 39-82).¹ The majority of patients were female (53%) and had an ECOG performance status of 1 (71%). The median number of prior lines of therapy was 3 (range, 1-9), and lactate dehydrogenase levels were elevated in 41% of patients.

Interim data from NAUTILUS showed that, as of the safety data cutoff of July 6, 2023, no dose-limiting toxicities were observed with the combination in either cohort 1 or cohort 2, and adverse effects (AEs) were generally manageable with supportive care or dose interruptions/ reductions.² The most common treatment-related AEs were as expected based on the agents’ individual safety profiles, and no grade 4/5 TRAEs were observed.

At an efficacy data cutoff of September 26, 2023, the ORR per RECIST 1.1 criteria among all response-evaluable patients with NRAS-mutant metastatic melanoma in phase 1 and phase 2 (n=16) was 38%; this was comprised entirely of partial responses. Stable disease was also achieved by 38% of patients, and 25% experienced disease progression.

References

1. Amaria R, Duvivier H, Tsa K, et al. Nautilus, a phase 1b/2 trial of combining oral HDAC inhibitor (HDACi) with MEK inhibitor (MEKi) in patients with NRAS-mutated metastatic melanoma (MM): Results from the phase 3 ECHELON-3 study. J Clin Oncol. 2025, 43(suppl 16):9552.doi:10.1200/JCO.2025.43.16_suppl.9552
2. Amaria R, Duvivier H, Tsa K, et al. Novel strategy for RAS-pathway targeting: Initial results from a phase 1b/2 clinical trial of the oral HDAC inhibitor bocodepsin (OKI-179) combined with binimetinib in patients with RAS-pathway mutated solid tumors and NRAS mutated melanoma. Mol Cancer Ther. 2023; 22(suppl 12):PR012. doi:10.1158/1535-7163.TARG-23-PR012

Pension funds and institutional investors made a “huge mistake” and exaggerated their role in environmental, social and government (ESG) issues to promote their products, the outgoing chair of Aberdeen Group, Douglas Flint, has said.

Flint, who has chaired the recently rebranded fund manager since 2019, said “ridiculously extravagant claims” had been made by some companies, which were driven by a mindset that their job was “not really about investing money: we’re just jolly good people and we’re saving the world”.

Flint, who also chaired HSBC between 2010 and 2017, told a City of London net zero conference on Monday that those claims may have been over-egged, in a way that put them at legal risk, particularly in the US.

“Our industry then made a kind of huge mistake. It became a marketing thing: let’s tell everyone we’re saving the world, we’re saving the planet,” he said, in comments first reported by the Financial Times.

The legal risks have risen in recent months after a severe drop in support for ESG issues in the US. Rightwing activists and politicians have targeted financial companies for supporting climate policies, having been emboldened by policymakers in Trump’s administration, which pushed for a resurgence in oil and gas production.

The ESG backlash has spooked some companies, worried that they could be targeted by lawsuits and blacklisting that could harm their US business. Even before Trump took office in November, Texas added NatWest to a growing list of companies accused of boycotting its oil industry, in a move that threatened the UK bank’s business with the US state.

For others, the ESG backlash has provided an opportunity to scrap international green initiatives that some bosses claim make their businesses less competitive. High profile investors including BlackRock and State Street have cancelled membership in voluntary schemes such as the Climate Action 100+ group in recent months.

Although US companies have led the charge in dropping ESG commitments, there are growing fears that UK investors could follow suit, meaning there will be less pressure on publicly listed companies, whose shares they hold, to reduce their carbon footprint.

That could be compounded by a potential watering down of the Labour party’s manifesto pledge to ensure that FTSE 100 companies – as well the City’s banks, asset managers, insurers and pension funds – adopt “credible” climate transition plans in line with the Paris agreement’s pledge to limit the rise in global temperatures to 1.5C.

Last week, a consultation on those rules showed the government was exploring less rigorous rules as part of a drive to cut red tape and compliance costs. One of the options being considered would mean the government “will not require an entity to have a discrete transition plan or to set climate targets in line with a particular climate goal”.

skip past newsletter promotion

after newsletter promotion

“The focus remains on the impact of the environment and climate on business profits, not the impact of business on the planet,” Mark Cliffe, a visiting fellow at the Global Systems Institute, University of Exeter, said. “Given the lack of clarity on the government’s own climate plans, let alone the backtracking in the US and elsewhere, this is likely to lead to further backsliding on businesses’ commitments to climate action.”

Last week, a Department for Energy Security and Net Zero spokesperson said the government was “committed to making the UK the sustainable finance capital of the world.

“The consultation we have launched seeks stakeholder views on a range of approaches to transition plans, including on climate alignment, as part of our commitment to take forward the manifesto commitment in full.”

Francesco Ruisi – the journey so far

After finishing school in his hometown of Palermo, Italy, Ruisi joined a local Ro-Pax company as a cadet engineer.   

A pivotal moment in Ruisi’s career came when, his vessel docked in Palermo and he noticed a nearby cruise ship, the Costa Marina, and was struck by the contrast between the clean, white uniforms of the engineers aboard the cruise ship and his own oil-stained coveralls. Motivated to pursue new opportunities, he applied to work for Costa Cruises and, within two months, found himself aboard the Costa Marina as a third engineer.

After 12 years at sea, Ruisi moved ashore to work in cruise ship construction. He then joined a class society as a surveyor, further broadening his technical and regulatory expertise. His diverse career also included roles such as superintendent for a chemical tanker company and technical manager for Greenpeace International, where he spent two years. These roles gave Ruisi a comprehensive understanding of different ship types and operational contexts.

Ruisi joined LR in Amsterdam in 2006 as a senior surveyor. His leadership capabilities were quickly spotted, and he was promoted to Senior Surveyor in charge of the Amsterdam office within two years.

In 2009 he took on new challenges in Asia, moving to China to oversee various projects for LR. Over the next decade, he held multiple roles, including Project Manager, Surveyor in Charge for Shanghai Port, and Area Manager overseeing operations in South China, Taiwan, and Hong Kong.

In 2019 Ruisi moved to Dubai to serve as Operations Manager for the Middle East and Africa, managing LR’s operations the region.

Ruisi moved to the Netherlands in 2022 and now considers it home. There he assumed the role of Commercial Manager for the Benelux region, overseeing a wide range of vessel types.

In August 2024, Ruisi was appointed LR’s VP Global Segment Director for Passenger Ships.

In his spare time, he enjoys travel, reading technical books and cooking for friends.

Natilus’s BWB design offers 40% more interior capacity, which the HORIZON utilizes to make air travel more comfortable and enjoyable. Intended to have a largely customizable layout to meet the needs of each individual airline and its customer base, the HORIZON is reimagining what air travel can be with the introduction of innovative spaces for business travelers to families.

Work from the Sky in HORIZON’s Video Conference Pods

For the first time on commercial aircraft, the HORIZON will be equipped with three video conference pods that act as conference rooms for the business-oriented passengers. The pods will be compatible with both video and phone calls and will be Wi-Fi-enabled, so that passengers can continue to collaborate and be productive during flight.

Families Take Center Stage with Club Seating

The HORIZON will also include Deluxe Club Seating, where a family of four can comfortably sit two-by-two facing each other, making it easy to communicate, play, and share experiences throughout the flight. No longer limited by the dreaded middle seat, the club seating is attractive for airlines looking to cater to family units with small children.

Intelligent Lighting Connected to Infotainment

The HORIZON will be equipped with an intelligent lighting system with simulated skylights and windows that can be customized to a seating zone, mimicking natural light or ambient lighting to ease the impact of jetlag. The lighting can also be coordinated with the infotainment screens to create an immersive entertainment experience.

HORIZON: Benefits of 40% More Capacity

With its unique blended-wing body design, the dramatic gains in interior cabin space translate to an entirely new experience for passengers. In this new design, the HORIZON boasts:

• Luxe, lie-flat first class seats that allow travelers to rest during long-haul flights, evoking a sense of a private retreat;
• Economy seats where every passenger enjoys their own dedicated seat with back-of-seat infotainment systems, featuring a wide selection of movies, music, and connectivity options to make the journey as enjoyable as it is efficient;
• Tall ceiling heights at 7.5 feet to make the cabin feel even more spacious; and
• Eight exit doors for ease of egress, with the possibility for carriers to opt for double doors.

“The HORIZON is an innovative aircraft that ushers in a new era of air travel, offering significantly more interior space—which we’ve used to create a more comfortable and enjoyable cabin,” said Aleksey Matyushev, CEO and Co-founder of Natilus. “This aircraft will provide our commercial airline customers with the ultimate platform to elevate the passenger experience.”

About Natilus
Natilus is a San Diego-based developer of hyper-efficient blended-wing-body (BWB) aircraft designed to transport people and cargo more sustainably and efficiently than ever before. Natilus’s BWB aircraft unlocks improved aviation economics by reducing fuel consumption by 30% while increasing payload capability by 40%.The Natilus team is comprised of innovators from General Atomics, Northrop Grumman, Skunkworks, SpaceX, and Piper Aircraft. Learn more at natilus.co.

SOURCE Natilus

  

Sobi® (STO: SOBI), today announced a capped royalty purchase agreement with Apellis Pharmaceuticals, Inc. under which Sobi will reduce its ex-US royalty obligations to Apellis by 90% for Aspaveli® (systemic pegcetacoplan) in exchange for $275 million upfront and up to $25 million in additional milestone payments dependent on regulatory approvals in the European Union for C3 glomerulopathy (C3G) and primary immune complex membranoproliferative glomerulonephritis (IC-MPGN).

 

“We are pleased to continue our ongoing partnership with Apellis and share their strong belief in Aspaveli/EMPAVELI’s potential to deliver significant long-term growth,” said Guido Oelkers, Chief Executive Officer at Sobi.  “We look forward to continuing the regulatory process in Europe and are well positioned to bring this novel treatment to patients with C3G and IC-MPGN leveraging our deep rare disease expertise.”

 

Aspaveli/EMPAVELI is approved in the European Union, other countries globally, and the US for the treatment of paroxysmal nocturnal haemoglobinuria (PNH) who have haemolytic anaemia, a rare blood disorder. It is currently under review in the European Union and the U.S. for the treatment of C3 glomerulopathy (C3G) and primary immune complex membranoproliferative glomerulonephritis (IC-MPGN), rare kidney diseases. An opinion by the European Medicines Agency’s (EMA) Committee for Medicinal Products for Human Use (CHMP) is expected before year-end. In the U.S., the Prescription Drug User Fee Act (PDUFA) action date is July 28, 2025.

 

“Through our collaboration, Sobi has developed a deep understanding of Aspaveli/EMPAVELI’s potential to significantly improve patient outcomes and deliver long-term value as a rare disease franchise,” said Timothy Sullivan, Chief Financial Officer, Apellis. “This transaction reflects our shared conviction in the potential of Aspaveli/EMPAVELI to transform the treatment landscape for patients with rare diseases, including C3G and IC-MPGN.”

 

Transaction Highlights

• Upfront Payment: $275 million in cash.
• Milestone Payments: Up to $25 million upon EMA approval of Aspaveli® for C3G and IC-MPGN.
• Royalty Structure: Sobi will reduce its ex-U.S. royalty obligation to Apellis Pharmaceuticals, Inc. by 90% until defined caps are achieved, after which ex-U.S. royalties revert to the original license agreement.
   

 

About the Sobi and Apellis Collaboration
Sobi and Apellis have global co-development rights for systemic pegcetacoplan.

Sobi has exclusive ex-U.S. commercialization rights for systemic pegcetacoplan, and its opt-in rights for future development programs are unchanged, exercisable at any time prior to commercialisation. Apellis has exclusive U.S. commercialization rights for systemic pegcetacoplan and worldwide commercial rights for ophthalmological pegcetacoplan, including for geographic atrophy.
 

About C3 Glomerulopathy (C3G) and Primary Immune Complex Membranoproliferative Glomerulonephritis (IC-MPGN)
C3G and primary IC-MPGN are rare and debilitating kidney diseases that can lead to kidney failure. Excessive C3 deposits are a key marker of disease activity, which can lead to kidney inflammation, damage, and failure. Approximately 50% of people living with C3G and primary IC-MPGN suffer from kidney failure within five to 10 years of diagnosis, requiring a burdensome kidney transplant or lifelong dialysis.1 Additionally, approximately 90% of patients who previously received a kidney transplant will experience disease recurrence.2 The diseases are estimated to affect 5,000 people in the United States and up to 8,000 in Europe.3

 

About Sobi®
Sobi is a global biopharma company unlocking the potential of breakthrough innovations, transforming everyday life for people living with rare diseases. Sobi has approximately 1,900 employees across Europe, North America, the Middle East, Asia and Australia. In 2024, revenue amounted to SEK 26 billion. Sobi’s share (STO:SOBI) is listed on Nasdaq Stockholm. More about Sobi at sobi.com and LinkedIn.

 

Contacts 
For details on how to contact the Sobi Investor Relations Team, please click here. For Sobi Media, click here. 

 

This information is information that Sobi is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, on 1 July 2025 at 1:00 PM CEST.

 

Gerard Tobin

Head of Investor Relations

 

 

References

1. C3 glomerulopathy. National Institute of Health, Genetics Home Reference. https://ghr.nlm.nih.gov/condition/c3-glomerulopathy#resources. Accessed November 21, 2019.

2. Tarragón, B, et al. C3 Glomerulopathy Recurs Early after Kidney Transplantation in Serial Biopsies Performed within the First 2 Years after Transplantation. Clinical Journal of the American Society of Nephrology. August 2024; 19(8)1005-1015. doi: 10.2215/CJN.0000000000000474.

3. Data on file using literature consensus.

 

 

 

 

Welcome to Energy Source, coming to you today from a sweltering London, where a giant heatwave has descended on the city.

It’s been a hot news cycle as well, as the energy industry digests the news that Shell will not be bidding for BP — at least not before Christmas.

Meanwhile, a fragile truce remains in place in the Middle East, where hostilities between Israel and Iran seem to be on hold for now.

If you’d like to test your knowledge of how the oil market responded to previous Middle East crises, try your hand at the FT’s interactive “Draw your own chart” game. It’s harder than you think.

And in today’s Energy Source, my colleague Camilla Hodgson takes a look at the future of sodium-ion batteries — a potential rival to lithium-ion batteries — and whether they might be overhyped.

Thanks for reading, Leslie

Sodium battery hype doesn’t match reality, says new report

Demand for a new battery technology using sodium ions will grow slower than Chinese electric-vehicle battery maker CATL expects, with hype outpacing real-world deployment, according to new analysis.

The findings by research group Benchmark Mineral Intelligence, shared exclusively with the FT, found that forecasts by CATL about the growth of sodium-ion batteries were unrealistic.

The research finds that sodium-ion batteries, which make up less than 1 per cent of the global battery market today, will represent about 3 per cent of batteries in a decade in a base case scenario, and as much as 15.5 per cent in an “early adoption” scenario.

Sodium-ion batteries — which are made using sodium salt — are seen as a cheaper alternative to lithium-based batteries, and work better at very high and low temperatures. They have started to be used in some large, stationary energy storage systems, as well as in electric scooters in China.

However, they are typically less energy-dense relative to their size, which has held back their use in EVs, and have become less cost-competitive since the slump in lithium prices.

Demand was still “relatively small” for what was a “nascent technology”, said Benchmark.

In April, CATL launched a new range of sodium-ion batteries, which will start mass production by the end of the year. Founder and chief executive Robin Zeng has said he believes sodium-ion batteries could replace up to half of the market for lithium-iron phosphate batteries.

But Benchmark said on Tuesday that was unrealistic. Although sodium-ion batteries “have a place in the energy transition”, the technology was “not ready to go mass-market and the current positive sentiment is driven by hype”. 

According to Benchmark, Zeng’s forecast would represent about 1.8 terawatt hours of sodium-ion batteries deployed by 2035. That would require “an immediate breakthrough” in the technology’s performance and cost, and a rise in lithium prices, it said. 

By contrast, Benchmark’s most optimistic scenario is for demand to reach about 946 gigawatt hours by 2035, or just under 1 TWh, an estimate that also assumed rising lithium prices among other things. 

CATL and Chinese carmaker BYD are among the biggest manufacturers of sodium-ion batteries.

Fluctuating commodity prices have encouraged innovations in battery technology. Although lithium-iron phosphate batteries remain the dominant option, a range of alternatives, including sodium-ion and solid-state batteries, are also in development.

Sodium-ion supply chains need to scale up to bring down costs, and the technology should be directed into areas where it could “differentiate itself now that price isn’t compensating for weaker performance”, said Connor Watts, an analyst at price reporting agency Fastmarkets. 

That would include the energy storage market, where they would not be competing directly with lithium-based batteries on price. 

“Sodium’s continued improvement is inevitable, but it will take another few generational improvements before western consumers can be convinced to switch over,” said Watts. (Camilla Hodgson)

Power Points

---

Energy Source is written and edited by Jamie Smyth, Martha Muir, Alexandra White, Kristina Shevory, Tom Wilson and Malcolm Moore, with support from the FT’s global team of reporters. Reach us at energy.source@ft.com and follow us on X at @FTEnergy. Catch up on past editions of the newsletter here.

Anthony Harrison, financial services expert at Pinsent Masons, was commenting on a recent speech by FCA chief executive Nikhil Rathi. In his comments, Rathi emphasised the need for a financial ecosystem that is not only globally competitive but also rooted in trust, transparency, and innovation.

“Mr Rathi’s speech highlights the very delicate balance needed to ensure competitiveness and growth while maintaining integrity and high standards across UK financial services,” said Harrison.

The UK aspires to be the world’s most innovative full-service financial centres by 2035. Financial services contribute £214 billion gross value added (GVA) to the economy, with leading sectors such as banking, insurance, and fintech. However, there are a range of challenges faced by these sectors, including market interconnectedness amplifying shocks, diverging international standards, and increasing global competition.

To tackle these challenges, the FCA has advocated for ‘outcomes-based’ regulation to better support growth, innovation and accountability. So far, reforms have set out to streamline processes for capital raising, such as listing reforms enabling transactions and the launch of the private shares trading venue PISCES. Further upcoming changes include reducing securitisation frictions, reforming prospectus requirements, and simplifying investment advice to encourage long-term investments.

Rathi set out the FCA’s aim of fostering a more open approach with firms, grounded in trust and shared problem solving. For instance, initiatives like the FCA’s artificial intelligence (AI) lab allow firms to test innovations safely, with feedback shifting away from streamlining regulations to building confidence and scaling innovation responsibly. This approach aims to strike a balance between regulatory oversight and fostering industry competitiveness, according to the FCA chief.

The FCA has also acknowledged past criticisms of being overly risk-averse, outlining steps to address them. Changes include the introduction of the consumer duty and proactive measures against financial crime. The FCA has also proposed shifts such as retiring the mortgage charter and considering differentiation in wholesale and retail market regulation, setting a goal of giving long-term confidence to firms and consumers while balancing risk and growth.

Harrison said: “The FCA appears keen to challenge criticism that it has been too risk averse in the past by championing some bigger initiatives it has implemented in recent years, such as the consumer duty and various successful actions taken in the financial crime space. However, clearly there is more to be done with the government keen to see more growth and less burdensome regulation. Mr Rathi’s comments on retiring the mortgage charter and being open to clearer client classifications applicable to investment firms signal a desire on the regulator’s part to keep pushing forward that growth agenda.”

Additionally, data prioritisation through new proportional data requirements was noted by Rathi as well as emphasis on the importance of market integrity. Rathi said that compromising standards for competitiveness is not an acceptable approach. Future opportunities were also highlighted by the FCA chief, including the UK’s potential to lead in areas such as tokenisation, appealing to younger, tech-savvy investors.

Harrison said: “Leveraging data in a smart, efficient way will play a key part in ensuring the regulator’s growth objective. It is not a surprise that the ‘p’ word, ‘proportionate’, has been cited again by Mr Rathi, as it has been by other senior FCA figures in recent speeches. It speaks, again, to the balancing act that is needed but should not be taken to mean that the regulator will be easing off on data requests.”

“Context is everything, and in certain areas, Mr Rathi has made it clear that visibility matters. With visibility come the need for the right data being produced at the right time to meet regulator requests as they come up, especially in periods of market volatility,” he said.