Context
The FCA has published its Annual Report and Accounts, which looks back on its key pieces of work throughout 2020/21.
Key points to note
Highlights from this year include the FCA:
- responding rapidly to the economic impacts of the pandemic
- issuing guidance to firms ensuring 4.5 million payment deferrals for mortgage and credit customers during the pandemic
- introducing new rules on home and motor insurance pricing which will save consumers an estimated £4.2 billion over 10 years
- continuing to focus on helping to educate and inform consumers on scam prevention
- imposing financial penalties totalling £189.8m
- ensuring £21.7m in consumer redress for unauthorised investment business and freezing nearly £7m of funds following its enforcement work
- working with Government on a range of issues during EU Withdrawal to ensure continuity for consumers, for firms operating in the UK and to protect the integrity of UK markets as far as possible
Charles Randell, Chair of the FCA said that 2020/21 was a challenging year for everyone – the people the FCA serves, the industry it regulates, and all at the Financial Conduct Authority. The FCA prioritised protecting vulnerable people, helping millions of people and hundreds of thousands of businesses, large and small, through the Covid-19 pandemic. The FCA’s targeted litigation achieved fairer and faster outcomes for business interruption policyholders. It continued our work to reduce the harm from unsustainable credit and unfair pricing, and also made sure that essential financial services weren’t disrupted when the UK left the EU transition period. At the same time, the FCA continued to transform itself to better support consumers and markets in a fast-changing digital age.
Next actions
None – for information.