The Financial Conduct Authority (FCA) has published its business plan for 2018/19 which sets out the key priorities for the coming year.
The FCA says the priorities in this year’s business plan reflect the high level of resource needed to dedicate to European Union (EU) withdrawal, given its impact both on our regulation and the firms it regulates.
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.”
Alongside the Business Plan, the FCA is also publishing its annual fees Consultation Paper, Sector Views and a Discussion Paper on its evaluation framework.