FCA publishes a revised business plan
The Financial Conduct Authority (FCA) has issued a much shorter version of its 2020-21 business plan and changed its immediate priorities and plans for the year ahead, to rise to the new challenges posed by the coronavirus crisis.
Immediate focus
The regulator said it would immediately focus on ensuring that financial services businesses know what is expected of them, can give people (particularly the most vulnerable) support, tackling new scams and helping to mitigate the impact on consumers where firms fail.
Medium term
Looking ahead to the medium term (one to three years), the FCA have identified four external priorities to address continuing harm. These priorities are to ensure that consumers:
- can rely on safe and accessible payments to receive their pay or benefits, settle bills and access cash
- do not get into unaffordable debt and are treated well if they do
- can make effective investment decisions about their savings and are not exposed to risky or poor value products
- are offered fair value products in a digital age and are not at risk of being treated unfairly in the pricing and other terms they receive.
Transforming how the FCA works and regulates
There is a fifth priority in the plan – transforming the way the FCA itself operates. This includes looking at its entire system, from the data it collects, how it analyses and shares intelligence across the organisation, and how it decides which firms and individuals can operate. The key outcomes identified will allow the regulator to:
- make faster and more effective decisions
- prioritise end outcomes for consumers, markets and firms
- make more effective use of intelligence and information
- have an international influence on issues that affect UK markets and consumers
FCA comment
Christopher Woolard, FCA Interim Chief Executive, said: “In a matter of weeks, coronavirus has altered the UK’s financial landscape dramatically. At times like this it is more important than ever that the FCA leads the way on the protection of consumers, firms and the markets. Our business plan recognises the impact of coronavirus on the financial services industry, while looking forward at how we transform the FCA’s operations in future.”
Sources
https://www.fca.org.uk/publications/corporate-documents/our-business-plan-2020-21
https://moneyage.co.uk/fca-unveils-new-business-priorities.php
https://www.accountancydaily.co/fca-remodels-business-plan-address-coronavirus-challenge
