Annual Report 2013/14

Our Annual Report 2013/14 covers our first year in operation. It sets out how we delivered against our statutory objectives and highlights our key achievements as an organisation.

Our first year was both challenging and encouraging.

As well as making the cultural and operational changes needed to meet our new statutory objectives, we accomplished a number of notable achievements.

For example:

  • We prepared for and took on the regulation of the consumer credit market – effectively doubling the number of firms we regulate. 
  • We continued to work with firms where issues or problems arose to resolve them, whether that was handling PPI complaints, ensuring consumers secured redress or reaching agreement with banks on the ‘retry system’.
  • We introduced the Mortgage Market Review and began a post-implementation review of the Retail Distribution Review.
  • We authorised 1,046 firms and levied £425m in fines.

Our report also shows how we worked with firms and consumers to build effective relationships and communicate in a transparent and constructive way.

Read our Annual Report 2013/14

What is in our Annual Report?

Chapter 1 – What we do
We set out our general approach and highlight some specific areas of focus, including our supervisory approach and how we measure our performance.

Chapter 2 – Protecting consumers
We set out how we have delivered on our consumer protection objective in areas such as pensions, consumer redress, mis-selling, holding client money and custody assets, and retail investment advice.

Chapter 3 – Enhancing integrity
We set out how we have furthered our market integrity objective in areas such as wholesale conduct, asset management, benchmarks, financial crime and market abuse.

Chapter 4 – Building competitive markets
We set out how we have furthered our competition objective through building our capabilities, carrying out market studies, working with other organisations and reducing regulatory barriers.

Chapter 5 – Consumer credit
We set out the work we undertook to engage and consult with the market and other key stakeholders to ensure a smooth transition, to be operationally prepared and to develop a clear set of priority areas where we have seen potential risk to consumers.

Chapter 6 – International
We set out how we have implemented, supervised and enforced EU and international standards and regulations in the UK, as well as contributing to international debates and policy-making processes.

Chapter 7 – How we operate
We set out how we have ensured we maintain an effective operational platform to achieve our commitments, as well as recruiting, supporting and developing the right people to carry out our work with integrity.

Chapter 8 – Strategic report
The purpose of this report is to help our stakeholders assess how the directors have performed their duty to promote the success of the FCA under section 172 of the Companies Act 2006. It also aims to provide further insight into the financial statements and add a forward–looking perspective to our financial position.

Chapter 9 – Directors’ report
The directors present their report for the year ended 31 March 2014. This includes a remuneration table and pictures of our Board members.

Chapter 10 – Financial statements
The financial statements comprise the Statements of Comprehensive Income, Financial Position, Cash Flows, Changes in Equity and the related notes.


Appendix 1 – Skilled persons’ reports

Appendix 2 – Enforcement activity

Appendix 3 – Annual Diversity Report

Appendix 4 – Our response to key comments from the independent Panels’ annual reports