Fca conduct risk outlook and business plan

fca business plan summary

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.

fca thematic review 2018

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.

Fca 2018 achievements

The FCA also provided further rules and guidance to improve the quality, comparability and robustness of information for investors. It would therefore be prudent for firms to assess how well they are performing in each of these areas. This requires continuous focus and monitoring of the medium and long-term trends that may influence the financial sector. However, it remains to be seen just how effective the FCA will be in reviewing this wealth of data, which includes transaction orders as well as executed trades. Recent regulatory focus has been in relation to debt management and arrears handling. Key planned activities include: building the FCA's own capabilities and understanding of technological developments and developing plans with international regulators working with industry to develop a collective response to a range of disruptive scenarios dedicated Cyber Specialist team establishing cyber coordination groups across five sectors to share experience of successful and unsuccessful cyber-attacks, and examining recommendations to increase consumer information about resilience so it can be a factor for customers when choosing a provider Treatment of existing customers The FCA wants to see existing customers benefit from increased competition and innovation and kept well informed, rather than being deprioritised in favour of new customers. It is essential that regulated firms and those associated with the financial services industry, take the time to read the plan and use the information provided to review and improve existing controls, measures and systems. 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.

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.

fca conduct risk outlook and business plan

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.

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FCA Enforcement Risk: The Year Ahead