Context
The FCA has published its Business Plan 2022/23, which has been issued mainly as a web page (although a .pdf version of the text has been produced – see the links above).
Key points to note
This Business Plan details the work the FCA will carry out this year under each of the 13 commitments from the Strategy where they will focus their work. This is in effect year one of the three-year strategy, and the commitments have been grouped into three areas:
- Reducing and preventing serious harm – the focus is on protecting consumers from the harm that authorised firms can cause, including tackling fraud and poor treatment. The FCA have set out the ways in which they believe this commitment will be achieved. These include by dealing with problem firms, improving the redress framework, reducing harm from firm failure, improving oversight of Appointed Representatives, reducing and preventing financial crime and delivering assertive action on market abuse.
- Setting and testing higher standards – focusing on the impact that authorised firms’ actions have on consumers and markets. All regulated firms are expected to adopt the same high standards, and have an open and cooperative approach. This will be achieved by putting consumers’ needs first, enabling consumers to help themselves. A strategy for positive change: our environmental, social and governance (ESG) priorities and minimising the impact of operational disruptions.
- Promoting competition and positive change – to use competition as a force for better consumer and market outcomes. This will be achieved by preparing financial services for the future, strengthening the UK’s position in global wholesale market and shaping digital markets to achieve good outcomes.
Next actions
None – for information and awareness