The FCA intend to continue their strict review of the debt management sector, ensuring that the key controls and measures are in place to create a fair and transparent environment for their customers, with emphasis on those with vulnerabilities.
Key planned activities include: improving the value and impact of Project Innovate through direct support for innovation businesses including assistance in respect of regulatory implications, bespoke feedback to firms planning to offer automated advice, and international engagement encouraging RegTech innovation to increase compliance and reduce costs, in particular in the areas of regulatory reporting, AML and KYC Technological change and resilience Cyber attacks are increasing; firms need to improve their capability to defend against such attacks and respond quickly to them.
The new regime will be tailored to the complexity and impact of firms Promoting competition and innovation FinTech has the potential to enhance competition, reduce costs and improve service but if poorly managed it can also bring new risks.
Key planned activities include: "vulnerability mapping": identifying who is vulnerable in different markets to assess areas to prioritise in order to prevent harm to vulnerable consumers publication of "Consumer Approach" document setting out an overarching strategy for consumer protection over the next three to five years sector-based work e.
We have analysed the Business Plan and set out a summary of the key regulatory areas on which firms should concentrate. This is the first Business Plan since Andrew Bailey became CEO of the FCA, and he has stamped his mark on the document both in terms of size twice as lengthy as the last and content containing more detailed analysis of cross-sector and individual sector risks.
Just as importantly, to mitigate the risks of any enforcement action, firms must be able to point to documentary evidence and records to show that this is the case. Further publications are planned over the next year providing detail about the impact of the FCA's Mission on its main activities of authorising and supervising firms, taking enforcement action and encouraging competition and influencing market design.