FCA prioritises culture, customers and crime prevention

FCA’s Business Plan for 2019/2020 holds few surprises.  It highlights 4 ongoing cross-sector priorities and three additional longer-term priorities.  FCA will focus on:

  • culture and governance, not least in SMCR extension implementation, implementation of the Directory and appraising remuneration culture;
  • TCF, focusing on information firms give to their customers, looking at pricing practices and discrimination in key markets;
  • operational resilience, including setting clear expectations on outsourcing to third party service providers;
  • financial crime prevention, focusing on better use of technology and data and working with other agencies and government departments;
  • the longer-term future of regulation;
  • ensuring the customer’s interests are put first as firms innovate and use data in different ways, not least looking at the regulation of crypto-assets; and
  • the intergenerational challenge.

Additionally, of course, FCA will be working to support a smooth transition post-Brexit and assessing the impact of Brexit on industry and consumers.

Other specific initiatives include further work on:

  • assessment of PRIIPs;
  • high-cost credit;
  • suitability;
  • the impact of the RDR and FAMR;
  • the secure introduction of PSD2 and Open banking;
  • the general insurance distribution chains review; and
  • compliance with MAR.

Emma Radmore