Our Mission 2017 sets out the framework for the strategic decisions we take, the reasoning behind our work and the way we choose the tools to do it.
It explained how we serve the public interest by improving how financial markets function and how firms conduct their business. It also explained how we regulate to deliver good outcomes for a wide range of users of financial services – including individuals, businesses and the economy.
When we published our Mission we committed to being more open and transparent about how we regulate and why we make the decisions in the manner that we do. As part of this we committed to publish a range of documents that explain our approach to regulation in more depth.
Our Approach to Consumers paper explores our approach to regulating for retail consumers. It sets out our initial views on what good looks like for all retail consumers, and aims to clearly explain how we will work to diagnose and remedy actual and potential harm, giving more certainty about our framework.
In our Approach to Competition we look at how we deliver our competition objective, to promote competition in the interests of consumers and not for its own sake. We focus on keeping markets open to entry and innovation, tackling anti-competitive conduct and intervening to ensure competitive forces drive good outcomes for consumers.
In our Approach to Authorisation we explain the purpose of, and our approach to, authorisation, the public value it delivers and changes we are making to improve our approach. We describe how we use authorisation as a tool, primarily to prevent harm from occurring, by ensuring that all regulated firms and individuals meet common sets of minimum standards.
With these publications we’re aiming to broaden the debate about our regulation that we started in our Mission rather than provide a ‘how to’ guide to our activities.
We are seeking views on a number of important questions to find out if we are being clear with our approaches and what else we could be doing.