The Financial Conduct Authority (FCA) has published its Mission, which gives firms and consumers greater clarity about how the FCA prioritises its interventions in financial markets.
Alongside the Mission, the FCA has published its Business Plan for 2017/18 and Fees consultation. For the first time, the FCA has also published its Sector Views, which highlight the issues and developments the FCA sees in the sectors it regulates. Together, these documents provide greater clarity about how the FCA operates and more transparency about the way it makes decisions.
The FCA’s Mission is to serve the public interest through the objectives given to it by Parliament. The Mission document explains how this will affect the decisions the FCA takes. It explains the intervention framework for the strategic decisions the FCA makes, the reasoning behind its work and the way it chooses the tools to do it.
Over the next year, the FCA will also publish further documents which will explain how it carries out its main activities – authorising and supervising firms, taking enforcement action, encouraging competition and influencing market design - and how the Mission affects these activities.
The annual Business Plan gives details of the specific areas of work the FCA is prioritising for the next year. These priorities are based on a combination of the intelligence gathered through the Sector Views and the FCA’s intervention framework. Key pieces of work identified in the Business Plan include:
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supporting UK Government to prepare for the UK’s withdrawal from the EU
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launching a campaign to encourage consumers to make a decision about Payment Protection Insurance (PPI) ahead of the August 2019 deadline
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examining the issue of vulnerable consumers
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continuing work on high-cost credit
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considering the issue of long term savings and retirement outcomes
The FCA is consulting on fees for regulated firms for the 2017/18 financial year. These fees are used to cover the cost of the FCA’s regulatory activities, with fees for individual firms based on the areas of business they undertake.
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FCA’s Mission
FCA’s Business Plan 2017/18
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