FCA sets out priorities for 2020/21
FCA sets out priorities for 2020/21
In responding to the challenge of coronavirus the FCA will focus on ensuring that financial services businesses give people the support they need, that people avoid scams, and that financial services businesses and markets know what is expected of them.
Alongside HM Treasury and the Bank of England, the FCA has already made a series of interventions at unprecedented speed to protect consumers, firms and the markets.
These have ensured that customers retain access to essential banking services and are able to benefit from flexibility on mortgage and other debt payments.
Throughout the pandemic, the FCA will:
- protect the most vulnerable – ensuring that they can get the financial services and the help they need
- tackle scams – helping consumers avoid the scams that spring up as the pandemic develops
- ensure fair treatment for consumers and small firms - making sure that firms give strong and clear support to customers, recognising challenges that everyone is facing
- keep markets working well – ensuring that markets remain orderly
- mitigate firm failures – mitigating the impact on consumers where firms fail in these challenging circumstances
Looking ahead to the medium term the Business Plan sets out four priority areas where the FCA will address continuing harm.
We aim to ensure that consumers:
- can rely on safe and accessible payments to receive their pay or benefits, settle bills and access cash
- do not get into unaffordable debt and are treated well if they do
- can make effective investment decisions about their savings, and are not exposed to risky or poor value products
- are offered fair value products in a digital age and are not at risk of being treated unfairly in the pricing and other terms they receive
The FCA is also focusing on transforming its operations. This includes looking at its entire system - from the data it collects, to how it analyses, manages and shares intelligence across the organisation, and how it decides which firms and individuals can operate.
It will also look at how firms are supervised, and how unacceptable firms and individuals are stopped and removed from the regulated sector as quickly as possible.
To deliver these outcomes, the FCA will build its capacity by investing in skills, systems, people and technology.
The FCA will review its plans as the implications of coronavirus become clearer and provide updates as appropriate.
FCA Interim Chief Executive, Chris Woolard, said:
‘In a matter of weeks, coronavirus has altered the UK’s financial landscape dramatically.
‘At times like this it is more important than ever that the FCA leads the way on the protection of consumers, firms and the markets.
‘Our Business Plan recognises the impact of coronavirus on the financial services industry, while looking forward at how we transform the FCA’s operations in future.’
7th April 2020
- Government launches consultations to crack down on company fraud and improve corporate transparency
- IMLPO News - December 2020
- TI's "Practice to Impact" Report
- The FinCrime Files - Q&A with Andrew Jackson, Head of Financial Crime Compliance at Alpha Bank | Arachnys
- HMT announces relaunch of UK Fintech Strategic Review
- Cyber Security News
- Financial Conduct Authority News
- FCA Coronavirus Updates
- FCA sets out priorities for 2020/21
- FCA publishes update on wide-ranging review of retail banking sector
- The FCA’s role in preparing for Brexit
- FCA Regulation round-up August 2017
- FCA mortgage research: a message for respondents
- Our work on motor finance
- FCA seeks views regarding the Office for Professional Body Anti-Money Laundering Supervision
- FCA statement on the publication of the FX Global Code
- FCA secures eight confiscation orders totalling almost £2.2 million
- Regulation round-up May 2017
- FCA orders listed company to compensate investors following market abuse
- FCA acts to improve competition in the current account market
- FCA and PRA final rules on regulatory references
- FCA Cancels payday lender's interim permission
- FCA imposes penalties on Sonali Bank (UK) Limited
- FCA continues its strong commitment to diversity and inclusion
- PRA and FCA updated guidance on CRDIV remuneration rules
- FCA Policy Development update
- Herbert Smith Freehills
- HM Treasury
- News
- 2020 Dec
- 2020 Aug
- 2020 Jul
- 2020 Apr
- 2020 Mar
- 2019 Nov
- 2019 Sep
- 2019 Jul
- 2019 Jun
- 2019 May
- 2019 Mar
- 2018 Dec
- 2018 Nov
- 2018 Oct
- 2018 Aug
- 2018 Jul
- 2018 Jun
- 2018 Apr
- 2018 Mar
- 2018 Feb
- 2017 Dec
- 2017 Nov
- 2017 Oct
- 2017 Sep
- 2017 Aug
- 2017 Jul
- 2017 Jun
- 2017 May
- 2017 Apr
- 2017 Mar
- 2017 Feb
- 2017 Jan
- 2016 Dec
- 2016 Nov
- 2016 Oct
- 2016 Sep
- 2016 Jul
- 2016 Jun
- 2016 Apr
- 2016 Mar