The Financial Conduct Authority (FCA) has published its Business Plan for 2023/24, outlining an ambitious program aimed at achieving better outcomes for consumers and markets in line with its three year strategy.
FCA chief executive, Nikhil Rathi, highlighted the organisation’s progress towards achieving its objectives, thanks to talented staff and the better use of technology and data.
The FCA has identified four key areas where it will accelerate efforts over the next year through further investment and increased resources:
- Putting Consumers’ needs first: The FCA will prioritize protecting people from unfair treatment, allocating more staff to ensure firms support consumers facing financial difficulties. In July, the Consumer Duty will come into force, setting higher standards of consumer protection and encouraging innovation and competition.
- Preparing financial services for the future: The FCA will continue its work on the new Future Regulatory Framework (FRF) and Edinburgh Reforms. Over £12m will be invested in preparing for the FRF, supporting the UK’s economic growth and international competitiveness. The FCA will also continue to support innovative and high-growth firms through its Sandbox and Early and High Growth Oversight function.
- Strengthening the UK’s position in global wholesale markets: The FCA will propose further reforms to the listing regime to attract world-leading firms and encourage competition. The FCA also plans to consult on consolidated tapes for wholesale data, which could improve the overall cost, quality, and accessibility of data in the market.
- Reducing and preventing financial crime: The FCA will focus on innovative ways to reduce and prevent financial crime, including strengthening the authorization process, improving assessments of regulated firms, and hiring more staff to investigate and prosecute offenders.
In addition, the FCA has proposed a freeze on application fees and the minimum fees paid by more than 17,000 FCA-regulated firms.
The first set of results against the outcomes and performance metrics included in the FCA’s strategy will be published later this year.
