The FCA said it would continue to deliver on the 13 commitments set out in its three-year strategy. FCA will focus on his first three commitments (plans provide more specific details).
Commitment 1: Reducing and preventing financial crime — The FCA is committed to increasing investment in systems to use intelligence and data more effectively to take proactive action to combat financial crime, including fraud and fraudulent websites. . It will also strengthen oversight of corporate sanctions systems and controls, and begin proactively evaluating anti-money laundering systems and controls for companies deemed high-risk.
Promise 2: Putting consumer needs first — The FCA is considering the extent to which considerations for vulnerable customers are included and the outcomes this delivers. Alongside and in conjunction with this, the FCA will identify where the risk of harm is greatest or where further work is needed by the company to identify and address gaps and clearly meet higher standards of consumer duty. We will continue to focus on intervention where necessary. New initiatives announced include fee transparency across the value chain, unit-linked pensions to test how companies value overall product value and what to do if they identify unreasonable valuations. and reviews of long-term savings products.
Commitment 3: Strengthen the UK's position in the global wholesale market — The FCA will continue to update its regulatory framework in areas such as listing rules, investment research and the ongoing UK MiFID review. We aim to encourage and support innovation and evolving markets, including tokenization, digital securities sandboxes, and the launch of the Private Placement Equity Exchange Service (PISCES) by the end of 2024. We also strive to continually improve our approval process. It also has market monitoring capabilities.
