Regulations
By Evie Vavasseur
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Why the Process Feels Like Running 26 Miles. Howard's marathon analogy wasn't just clever conference talk.
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Standards Don't Budge for Anyone. Howard stressed that the difficulty of authorization isn't accidental.
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Sheree Howard stood in front of a packed room at the APCC Spring Conference 2026 and told financial firms what they probably didn't want to hear. Getting authorized isn't easy.
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Howard, speaking at the conference, used a pretty straightforward comparison to make her point. She likened the whole authorization process to training for a marathon.
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Howard's marathon analogy wasn't just clever conference talk. The authorization journey demands the same kind of resilience athletes need when they're training for a major race.
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And just like marathon runners don't show up on race day without months of training, financial firms can't expect to sail through authorization without serious groundwork.
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Marathon runners rely on coaches who design training programs. They work with physiotherapists who keep their bodies in working order.
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But here's the thing. Coaches don't run the race for you. Howard was blunt about this point.
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Howard stressed that the difficulty of authorization isn't accidental. Regulators designed the process to be challenging.
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See also: FCA Opens AI Lab Doors Wider as Agentic Commerce Reshapes Finance
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Market integrity depends on firms operating responsibly. The authorization process acts as a gatekeeper, ensuring that firms entering the sector can handle the weight of that…
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The journey involves more than just completing paperwork, Howard noted. Firms need to understand regulatory expectations at a deep level and integrate them into their core…
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Howard talked about the long game. Authorization is just the starting line, not the finish. Firms need to build systems and cultures that support ongoing compliance.
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She also touched on something firms probably don't think about enough. The support network that helps during authorization shouldn't disappear once a firm gets approved.
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See also: FCA Picks Barclays, UBS Among Eight Firms for AI Testing Round
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