The Financial Conduct Authority (FCA) has today published its Business Plan for 2018/19 which 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.