The FCA has prioritized protecting consumers and promoting effective competition within the financial services industry. 2024/25 business planwas released today (March 19, 2024).
In the document, the regulator said it would continue to test regulated companies to higher standards by incorporating consumer obligations and “take action where necessary” to ensure the integrity of the market. .
Regulator CEO Nikhil Rati added: “We have already made significant progress in delivering on the bold vision we set out in our strategy two years ago, including the introduction of an innovative consumer tax and our most distant policy proposals. Reform of wholesale market regulation and listing system will be achieved over several decades.
“We remain firmly committed to supporting the important role that the financial sector plays in the UK’s long-term economic growth, embracing the potential benefits that technology can bring to both us and the businesses we regulate. We will continue to protect consumers and ensure the integrity of our markets.”
Regulatory initiatives
The regulator continues the 13 commitments it has previously outlined in its business plan, including taking proactive action against market abuse, improving oversight of appointed representatives and preparing financial services for the future. He emphasized that it is possible.
Specifically, in 2024/25, the FCA will increase investment in systems to “more effectively use intelligence and data” during financial crime activities, allowing them to focus on high-risk companies and activities. Stated.
Michael Sissick, managing partner at risk and regulatory consultancy Schick Advisory, commented:
“FCA is gaining the necessary resources to support its ambitions, increasing its workforce to 5,000 by the end of March 2024 and further investing in data and technology to support “rigorous” market surveillance. is making an investment.
“Consumer duty remains high on the agenda and was described by Nikhil Rati as “game-changing”. The consumer issues raised by the service, such as cost of living pressures, access and financial inclusion, fraud and fraud, can all be viewed through a consumer lens.
“In the insurance space, we will look at how quickly companies respond to claims, including what vulnerability characteristics their customers exhibit.”
Imogen Makin, solicitor at law firm WilmerHale, added: “The FCA’s continued focus on reducing and preventing financial crime, while putting consumer needs first, means that aggressive financial crime-related supervisory and enforcement cases may continue. “It means to have a high degree of sex'' topic. “
