The Financial Conduct Authority (FCA) is busier than ever, taking on a handful of cross-sector priorities to ensure regulation keeps pace with rapidly changing financial services and consumer needs.
In its newly published Business Plan for 2019/20, the FCA outlined its main areas of focus and planned activities. These encompass the areas of investment management, retail lending, pensions and retirement income, retail investments, retail banking, wholesale financial markets, and of course general insurance (GI) and protection.
In terms of GI, among the key priorities are fairness in pricing and product value as well as access and exclusion in insurance. Aside from releasing the findings of its distribution chains review, the regulator’s activities in this sector also include monitoring claims inflation and evaluating the outcomes from GI renewals transparency.
As for the wider financial services spectrum, supporting an orderly Brexit transition remains an immediate priority for the watchdog as the UK finalises preparations for its departure from the European Union. Also, cross-sector priorities include combating financial crime and developing the work being done on operational resilience, as well as the future of regulation.
“Dealing with Brexit will be the most immediate challenge we face,” said FCA chief executive Andrew Bailey. “But this plan also commits us to a stretching programme of work across the financial sector.
“In order to ensure we are a regulator that continues to serve the public interest, we need to adapt to the ever-changing environment. This is why the future of regulation is a key priority in this year’s business plan.”
