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FCA: Regulatory Priorities for 2019/20

FCA lays out its priorities for 2019/20

13th May 2019

Last month the FCA published its Business Plan for 2019/20 in which is set out the key priorities it has for the year ahead.

No. 1 Priority: Brexit

Of course, there is much to finalise as the country prepares to leave the European Union and thus the regulator’s immediate priority remains firm - to support an orderly transition post-exit.

As commented upon by Andrew Bailey, Chief Executive of the FCA, “Dealing with Brexit will be the most immediate challenge” that the regulator faces.

However, Brexit isn’t the only focus, with the FCA’s Business Plan committing them to “a stretching programme of work across the financial sector”.

Another objective will be for the regulator to continue to play a leading role in shaping the global regulatory framework, as well as working with other regulators and bodies both nationally and internationally.

FCA’s Business Plan 2019/20: Cross Sector Priorities

On top of Brexit, there are another four continuing cross-sector priorities carried over from last their previous Business Plan, these being:

• Firm’s Culture & Governance: Work on firms’ culture and governance, (including extending the Senior Managers and Certification Regime to all firms);
• Fair Treatment of Existing Customers: Ensuring the fair treatment of firms’ existing customers by monitoring firms’ practices, including the information they give prospective and current customers;
• Operational Resilience: Developing the work being done on operational resilience, which will play a vital role in protecting the UK’s financial system; and
• Financial Crime (fraud & scams) and anti-money laundering (AML): Combating financial crime and improving anti-money laundering practices, by enhancing the use of technology and data, as well as engaging with multiple agencies and government bodies.

And additionally, the FCA’s latest Business Plan sets out a further three cross-sector priorities that will have longer timescales attached:

• Innovation, data and data ethics: ensuring innovation and the use of data work in consumers’ interests;
• Demographic Change: examining the intergenerational challenge in financial services; and
• The Future of Regulation

Mr Bailey stressed how vital it is that the FCA continues to serve the public interest and adapt to the ever-changing environment, hence why the future of regulation is a top priority within the FCA Business Plan.

 “We will be leading a debate about this with stakeholders so that we can keep pace with the developments taking place in the markets that we regulate and in wider society.”

He added, “We are committed to ensuring both the strategic direction of financial regulation and our operational response delivers a more dynamic, agile and efficient environment for UK consumers and firms.”

To read the FCA’s Business Plan for 2019/20, click here.

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