09 July 2019

FCA publishes Annual Report and Accounts 2018/19

Highlights from this year include:

• FCA‘scontinuing actions to improve protection for users of high-cost credit
• FCA‘sactions to prepare for EU Withdrawal
• FCA‘scampaign to help people take action on PPI, ahead of the deadline of 29 August 2019
• FCA‘sactions to stop people becoming scam victims
• promoting innovation, including with the launch of the Global Financial Innovation Network

Charles Randell, Chair of the FCA said:

‘The Annual Report displays the breadth of our work in the past year – from helping consumers take action on PPI, to taking tough enforcement action where rules are broken, strengthening firms’ operational resilience and promoting global financial innovation.’

Andrew Bailey, Chief Executive of the FCA said:

‘Over the last year, we’ve made a range of important interventions which have brought real benefits to consumers. This included the wide-ranging remedies we’ve introduced in the high cost credit market to reduce harm, banning the sale of binary options to retail consumers and reforms to the peer-to-peer lending market to improve consumer protection.

‘As we reflect on the last year and what we’ve achieved, we are also mindful of the rapidly evolving landscape.  Innovation in new technologies, together with changes in consumer behaviour and expectations in wider society are driving rapid change in financial services. In addition, we will have to develop a new relationship with the EU. So, we must consider the future of regulation and our own capabilities to ensure that the UK regulatory system remains fit for the challenges to come.’

The Annual Report includes the FCA’s gender pay gap for the year ending 31 March 2019, which is 20.6% (median) and 17.8% (mean). In addition, the report includes the FCA’s ethnicity pay gap, which has been published for the first time and is 28.7% (median) and 27.2% (mean).

Press release

Report

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