The Financial Conduct Authority has pledged to become more focused on outcomes, as its leaders said regulation had become too committed to “rules and process” under the European Union.

In a joint statement in its 2020-21 business plan released today, FCA interim chief executive Christopher Woolard and its chairman Charles Randell said the regulator would focus on working with the government over the next three years to “shape the future regulatory framework” as the UK left the EU.

“This framework doesn’t only need to reflect a future outside the European Union; it must also address what we have learned throu...