FCA has published its Business Plan with its new 3 year strategy aimed at preventing serious harm, setting higher standards and promoting competition. Among the measures it is taking is the creation of 80 new roles to shut down “problem” firms. Its key messages are:
- being tougher on applicants for authorisation;
- using data to help ask authorised firms more searching questions; and
- greater use of enforcement and investigation powers, “pushing the boundaries where we have to”.
The clear message is that FCA is looking to be tough on every applicant and regulated firm at every stage of the process, and we are likely to see challenge and intervention in increasing and novel ways. While FCA’s consumer outcomes are well documented, this strategy gives a view of what it’s planning on an internal level.