Beyond borders: Regulating the risks we share
Speech by Ashley Alder, FCA Chair, at the Michael D. Gill Lecture on International Financial Regulatory Understanding and Cooperation. I wasn’t fortunate enough to work as closely with Mike as many of you in this room.But I knew him well enough during my time with the IOSCO board to appreciate someone who was kind and unassuming, whilst being absolutely determined to make lives better through his work.He personified the very best attributes of dedicated public service.In his 2024 lecture Andrew Bailey described Mike as a passionate internationalist, and reflected on what this meant for the UK after the Brexit referendum.Two years on, the values that Mike championed are even more on point.Mike understood implicitly that relationships between regulators are about so much more than institutional goodwill – they depend on trust, candour and constructive practical action.That’s an aspect of his legacy that is just as relevant – perhaps even more so – today.In an increasingly interconnected global financial system, no institution can see the whole picture on its own.Success depends not only on what each regulator does individually, but on what we can see, understand, test, and address to
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