Financial Conduct Authority
FCA publishes its Business Plan for 2018/19
The Financial Conduct Authority (FCA) yesterday published its Business Plan for 2018/19which sets out the key priorities for the coming year.
The priorities in this year’s Business Plan reflect the high level of resource the FCA needs to dedicate to European Union (EU) withdrawal, given its impact both on our regulation and the firms we regulate.
Alongside this work, the FCA will focus on seven cross sector priority areas, based on assessments of where there is the greatest harm or potential for harm, and where intervention can have the greatest impact. The priority areas are:
- Firms’ culture and governance which should drive behaviours and produce outcomes likely to benefit consumers and markets.
- High-cost credit, building on the significant impact already made in the market.
- Tackling financial crime, including fraud, scams and anti-money laundering to make the UK financial services sector a hostile place for criminals and a safe place for consumers.
- Data security, resilience and outsourcing since technology plays a pivotal role in delivering financial products and services.
- Innovation, big data, technology and competition which are driving change in markets.
- The treatment of existing customers to ensure that they do not get less attention or receive poorer outcomes than new customers.
- Long-term savings, pensions and intergenerational differences which reflects the changing UK population and their financial needs.
Andrew Bailey, FCA Chief Executive said:
'The Business Plan is an important way in which we are transparent about our priorities for the year. We recognise that this year we need to dedicate a significant amount of resource to withdrawal from the EU. As a result, setting our priorities this year has involved a particularly rigorous level of scrutiny and challenge to focus on areas where we see the greatest potential for harm.'
Notes to editors
- FCA Business Plan 2018/19
- Consultation Paper (CP18/10): FCA regulated fees and levies: Rates proposals 2018/19
- FCA Sector Views 2018
- Discussion Paper (DP18/3): Ex post Impact Evaluation Framework
- On 1 April 2013, the FCA became responsible for the conduct supervision of all regulated financial firms and the prudential supervision of those not supervised by the Prudential Regulation Authority (PRA).
- The FCA has an overarching strategic objective of ensuring the relevant markets function well. To support this it has three operational objectives: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers.
- Find out more information about the FCA.
Latest News from
Financial Conduct Authority
Charles Randell to step down as FCA and PSR Chair in Spring 202219/10/2021 10:25:00
Charles Randell has asked the Chancellor of the Exchequer to commence the process to appoint his successor as Chair of the Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR). Charles plans to step down in Spring 2022.
NatWest Plc pleads guilty in criminal proceedings08/10/2021 10:25:00
The National Westminster Bank Plc (NatWest) yesterday entered guilty pleas at Westminster Magistrates’ Court to criminal charges brought by the Financial Conduct Authority (FCA) under the Money Laundering Regulations 2007 (MLR 2007).
Further arrangements for the orderly wind-down of LIBOR at end-202129/09/2021 12:15:00
The sterling, Japanese yen, Swiss franc and euro LIBOR panels are ceasing on 31 December 2021.
Productive finance working group publishes recommendations addressing the barriers to investment in less liquid assets27/09/2021 10:25:00
The Productive Finance Working Group yesterday published a series of recommendations which could facilitate greater investment in longer-term, less liquid assets.
Stephen Allen sentenced to 28 months imprisonment for forging a trust deed27/09/2021 10:25:00
Stephen Allen was recently sentenced to 28 months imprisonment for forging a trust deed in an attempt to help his client minimise restitution payments owed to victims. A director disqualification order of 8 years was also imposed.
OPBAS publishes report on progress and themes from 2020/2120/09/2021 14:20:00
The Office for Professional Body Anti-Money Laundering Supervision (OPBAS) has today released its latest report on progress made in tackling money laundering by professional body supervisors over the past year.
FCA bans Jon Frensham from working in financial services17/09/2021 12:10:00
The FCA has banned director Jon Frensham (formerly known as Jonathan James Hunt) from performing any regulated activity.
FCA and TPR outline a framework for value for money in defined contribution pension schemes16/09/2021 13:20:00
The FCA and The Pensions Regulator (TPR) have published a joint discussion paper on developing a common framework for measuring value for money (VFM) in defined contribution (DC) pension schemes. The aim of the two regulators is to drive a long-term focus on VFM across the pensions sector