In its Business Plan for 2024-25, the Financial Conduct Authority
(FCA) has set out an ambitious programme of work for the final
year of its 3-year strategy to achieve better outcomes for
consumers and markets.
, Chief Executive of the FCA,
said:
“We’ve already made significant progress in delivering against
the bold vision we set out in our strategy two years ago,
including the game-changing introduction of the Consumer Duty and
proposing the most far-reaching reforms to wholesale market
regulation and the listing regime in decades.
“We remain resolute in supporting the vital role the financial
sector plays in the UK’s long-term economic growth, embracing the
potential benefits that technology presents both for us and the
firms we regulate, while also continuing to protect consumers and
ensure market integrity.”
The FCA will continue to deliver the 13 commitments in its
strategy, which focuses on preventing serious harm, setting
higher standards and promoting competition. Specific issues it
will prioritise include:
- Protecting consumers by testing if firms are meeting the high
standards set by the Consumer Duty, supporting people’s long term
financial wellbeing through the Advice Guidance Boundary Review
and making sure pension products deliver value for money.
- Contributing to UK competitiveness and growth by improving
the attractiveness and reach of UK wholesale markets, supporting
firms to invest, innovate and expand through our innovation
services and continuing to make it quicker and easier for firms
to apply for authorisation.
- Building on the significant progress already made to become a
world-class data-led regulator by automating more of its
analytics tools to help detect and respond to consumer harms
faster and working with firms on the safe deployment of
artificial intelligence.
The planned programme of work builds on the progress made over
recent years to become a more outcomes-based, assertive and
data-led regulator.
The introduction of the Consumer Duty marked a major shift by
setting higher and clearer standards of consumer protection and
has already led to firms making changes to savings rates and
fees.
The FCA is making better use of data to spot and stop harm faster
and is being tougher on the firms that could cause harm. It
removed over 10,000 potentially misleading adverts in 2023 and
sent out 2,243 warnings about unauthorised firms and individuals.
It also more than doubled the number of firm permissions
cancelled, compared to the previous year, for failing to meet its
minimum standards.
It has adapted its rules and improved its processes to ensure the
UK remains an attractive place to invest. This includes proposing
the most far-reaching package of reforms to the listing regime
for decades to encourage a greater range of companies to list in
the UK and compete on the global stage.
Notes to editors
-
FCA Business Plan 2024/25
-
The FCA's 3-year
strategy
-
Key achievements in
2023
