The UK's Financial Conduct Authority ('FCA') has published its business plan for 2024/25, setting out its priorities for the next 12 months. Reducing and preventing financial crime, backed by 13 public commitments focused on: We put consumer needs first. To strengthen the UK's position in the global wholesale market, the FCA is committed to:
- Use and expand intelligence and data collection systems to target higher-risk companies and activities, slow the rise in fraud, and combat financial crime.
- We put consumer needs first and test how value is disclosed and delivered, such as unit-linked pensions and long-term savings products. It is clear that ongoing oversight efforts to test the implementation of consumer obligations will play a major role in achieving this commitment.
- Supporting the introduction of T+1 payments and the implementation of the FCA's primary market policy reforms will encourage innovation and market evolution and strengthen the UK's position in global wholesale markets. Continued efforts to reform the systems governing research funding, review and reform the listing regime, and ensure the market adopts new derivatives reporting rules under the UK EMIR are also key.
The business plan also sets out a wide range of budgets, and among the headings of 'exceptional projects' are smart regulatory initiatives as the FCA continues its work to repeal EU law and replace it with robust FCA rules. £11.3 million is included for the implementation of the framework.
