Britain’s Financial Conduct Authority released a broad agenda for the upcoming financial year, which includes a new focus on firms’ systems and controls relating to financial crimes.
Created in the wake of the financial crisis, the FCA took over conduct supervision of all regulated financial firms in the U.K. and the prudential supervision of firms not falling under the purview of its tandem regulator, the Prudential Regulation Authority, in 2013. It is tasked with overseeing the functioning of relevant markets, protecting consumers and the integrity of the U.K.’s financial system, and promoting competition.
The FCA’s Business Plan for 2015/16 outlines a continued focus on culture and other threats to market integrity, along with in-depth looks at the pensions sector in particular and the creation of two new divisions for supervisory and authorisation functions.
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