| Link(s): | FCA Board Minutes: 23 May 2024 |
Context
The FCA has published the minutes of its 23rd May Board meeting, to include an item of interest and a confirmation in relation to the FSCS fees and levies.
Key points to note and next actions
- The minutes included a specific note in relation to the recent commentary on the FCA’s secondary international growth and competitiveness objective and the FCA’s enforcement consultation.
- The minutes noted that the Board discussed recent media and other commentary on various aspects of FCA work, including exchanges with industry, consumer representatives, Government, and the Houses of Parliament (some of which we have commented on).
- In relation to the FCA’s consultation on the tests relevant to naming firms which are the subject of investigations, the Board noted that a large volume of consultation responses in favour of and against the consultation proposals were being assessed carefully. The FCA will continue active stakeholder engagement, to ensure that different viewpoints can be aired fully before moving forward to agree next steps in the context of wider changes relevant to the efficiency and effectiveness of the broader enforcement process.
- The fact that this is included as a separate and specific item in the minutes indicates that the responses and feedback have been significant, both in terms of volume and nature.
- Nikhil Rathi, FCA CEO, briefed the Board on a number of issues including that the FSCS had published details of its levy for the 2024/25 financial year, stating that it will be £265m (a significant reduction from the £415m forecast in November 2023, and a £5m reduction from the levy paid in the previous year).