Our future Mission: key themes from your feedback

Our future Mission, launched on 26 October 2016, outlines the key questions we face as a financial conduct regulator. We want to share some of the key themes from your feedback so far.

Your views, input and challenge on the significant and complex issues that underpin financial conduct regulation will contribute directly to the development of our future Mission.

We cannot reply individually to all comments, but these are the themes that are beginning to emerge.

Please let us know what you think

Desire for clarity and sense of direction

Respondents are keen on a clearer rationale for our decisions, what we choose to do and not to do.

How can we better communicate the choices we make?

Vulnerable consumers

Respondents largely agree with affording more protection to vulnerable consumers but have different views on who a vulnerable consumer is and emphasise the need for clear definitions.

Who should be included in our definition of a vulnerable consumer? What should more protection look like? Are there vulnerable consumers in the wholesale space? If so, who?

Rules vs principles

Some respondents are keen on clear sets of principles for business rather than prescriptive rules while others prefer more clarity on existing rules as they feel these are often too vague.

In which circumstances are prescriptive rules or higher level principles more appropriate?

Engagement with firms

Respondents think we should adopt a more active role in sharing lessons learned and good practice. Respondents would like more tailored communications that illustrate risks for their particular market.

How can we best engage with 56,000 firms taking into account their different requirements and needs?

Find out more about our future Mission.