The U.K. Financial Conduct Authority (FCA) on 17 April published its Business Plan for 2019/20, outlining its key priorities for the coming year.
As the United Kingdom finalises preparations to leave the European Union, the immediate priority will remain supporting an orderly transition post-exit. The FCA said it will also continue to play a leading role in shaping the global regulatory framework working with other national regulators and international bodies.
The FCA’s Business Plan outlines the following four ongoing cross-sector priorities:
- Work on firms’ culture and governance, including extending the Senior Managers and Certification Regime to all firms;
- Ensuring the fair treatment of firms’ existing customers by monitoring firms’ practices, including the information they give prospective and current customers;
- Developing the work being done on operational resilience, which will play a vital role in protecting the U.K.’s financial system; and
- Combating financial crime and improving anti-money laundering practices by enhancing the use of technology and data, as well as engaging with multiple agencies and government bodies.
The plan also sets out three additional cross-sector priorities, which have longer time horizons: the future of regulation; ensuring innovation and the use of data work in consumers’ interests; and examining the intergenerational challenge in financial services. “Dealing with Brexit will be the most immediate challenge we face, but this plan also commits us to a stretching programme of work across the financial sector,” said FCA Chief Executive Andrew Bailey.
“In order to ensure we are a regulator that continues to serve the public interest, we need to adapt to the ever-changing environment,” Bailey added. “This is why the future of regulation is a key priority in this year’s Business Plan. We will be leading a debate about this with stakeholders so that we can keep pace with the developments taking place in the markets that we regulate and in wider society.”