The Financial Conduct Authority (FCA) has today published its Business Plan for 2018/19 which sets out the key priorities for the coming year.
The FCA said: “Priorities in this year’s Business Plan reflect the high level of resource the FCA needs to dedicate to European Union (EU) withdrawal, given its impact both on our regulation and the firms we regulate.”
Alongside this work, the FCA will focus on seven cross sector priority areas, based on assessments of where there is the greatest harm or potential for harm, and where intervention can have the greatest impact:
• Firms’ culture and governance which should drive behaviours and produce outcomes likely to benefit consumers and markets.
• High-cost credit, building on the significant impact already made in the market.
• Tackling financial crime, including fraud, scams and anti-money laundering to make the UK financial services sector a hostile place for criminals and a safe place for consumers.
• Data security, resilience and outsourcing since technology plays a pivotal role in delivering financial products and services.
• Innovation, big data, technology and competition which are driving change in markets.
• The treatment of existing customers to ensure that they do not get less attention or receive poorer outcomes than new customers.
• Long-term savings, pensions and intergenerational differences which reflects the changing UK population and their financial needs.