Context
Within the FCA’s Business Plan 2023/24, the FCA has set out an ambitious programme for the next 12 months to achieve better outcomes for consumers and markets, in line with its 3-year strategy.
In the second year of the FCA’s 3-year strategy, the FCA plans to accelerate 4 areas of its work over the next 12 months through further investment and increased resources.
Key points to note
The FCA’s strategy is designed to be flexible and with the changing economic picture, as such it is accelerating its work in 4 areas over the next year through further investment and increased resources. These areas are; putting consumers’ needs first, preparing financial services for the future, strengthening the UK’s position in global wholesale markets and reducing and preventing financial crime.
The Consumer Duty, which comes into force in July, will play a leading role in meeting the FCA’s objective of putting consumers’ needs first. The FCA has committed to providing additional resource to make sure the transition is smooth for both consumers and firms. Setting higher and clearer standards of consumer protection will not only benefit consumers, with the FCA aiming to use the Duty to encourage more innovation and competition, as it could lead to a more simplified approach to regulation.
Next actions
None – for information and awareness.