FCA has published its Annual Report and Accounts for 2017/18. The report includes details of:
- FCA’s work preparing for Brexit;
- key regulatory changes such as MiFID 2 and PSD 2;
- work on SMCR extension;
- thematic work on high cost credit and consumer debt; and
- the PPI customer information campaign.
It also articulates what FCA has done on its cross-sector and sector priorities articulated in its business plan. Alongside the Annual report FCA published reports on competition, diversity and AML. The AML report highlights the creation of OPBAS as well as FCA’s work in implementing MLD4 and updating the Financial Crime Guide. The report also includes details of FCA’s continuing work under its Systematic AML Programme under which it regularly scrutinises 14 major banks. Since the SAMLP started in 2012 FCA has reviewed all banks once and has now started the second round of reviews. In tandem it also regularly inspects other high risk firms, aiming to visit 150 firms within a 4 year cycle. Its key concern remains around identification and treatment of high risk customers, particularly PEPs.
The competition report focuses on FCA’s efforts to stay ahead of the game in addressing the risks and opportunities presented by fintech and advances in smart data, digitalisation and data analytics. The report looks at recent reviews and provides an overview of the remedies available to FCA to address harm.