FCA’s 2021/22 Business Plan highlights:
- how FCA has to change as the environment in which it operates changes and how investment in technology and changes in culture are key to this;
- the need to enable customers to make effective investment decisions by improving firms’ conduct. FCA will set out its Consumer Investments Strategy as well as progressing its work on financial promotions and launching a campaign to inform consumers about high risk investments;
- how, with increased numbers of consumers being vulnerable, FCA will work to ensure the consumer credit markets work well;
- how FCA will keep up with innovations in the payments sector to ensure risks are managed;
- initiatives to deliver fair value, specifically in the digital age;
- the deadline for FCA to consult on its decisions on the Consumer Duty by year end;
- wholesale market priorities including a focus on market abuse and STORs;
- work in the funds sector, including the development of LTAFs and work to understand why some funds are outliers to their peers;
- the need to ensure pension providers offer good value products;
- raising standards in the Appointed Representatives regime as FCA considers many principal firms to have poor due diligence and oversight of their ARs;
- continuing cross-sector work on diversity and inclusion and ESG;
- working with international partners, and ensuring a smooth transition from the TPR;
- proactive fraud surveillance and monitoring;
- the introduction of the IFPR together with other initiatives to improve financial resilience and resolution; and
- keeping close watch on firms’ operational resilience.
In the Press Release accompanying the Business Plan, and a speech given by Nikhil Rathi to herald its launch, FCA focussed on its commitment to being a more innovative, assertive and adaptive regulator – moving with the times in terms of products, markets, consumers and its own culture.
Read our full summary here.