On 7 April 2022, the UK’s Financial Conduct Authority (“FCA”) printed its 2022/23 Enterprise Plan (“Enterprise Plan”), along with its Method for 2022 to 2025 (“Method”). The Method lays out the FCA’s imaginative and prescient and targets for the next three years, along with the topline outcomes it expects from financial suppliers and the necessary factor strategic areas on which it’ll focus. The Enterprise Plan highlights the FCA’s program for this yr in an effort to satisfy the three-year Method’s goals. It provides an overview of the first aspects the FCA will cope with over the next 12 months to understand these targets, along with how the FCA will monitor progress and it moreover provides examples of its efforts.
The Enterprise Plan particulars the work the FCA will carry out this yr beneath each of the commitments from the Method. The FCA has grouped its commitments into three areas:
- Reducing and stopping extreme harm
The FCA will cope with defending prospects from the harm that licensed companies could trigger, along with tackling fraud and poor treatment of customers.
- Setting and testing elevated necessities
The FCA will cope with the impression that licensed companies’ actions have on prospects and markets. The FCA expects all companies they regulate to undertake the an identical extreme necessities, and have an open and cooperative technique.
- Promoting opponents and optimistic change
The FCA needs to utilize opponents as an influence for increased consumer and market outcomes. The FCA will assist UK improvement and innovation that serves the UK society, underpinned by broadly identified and revered extreme necessities.
The FCA well-known that the Enterprise Plan is being printed at a time when the outside setting is altering rapidly. The longer-term impression of Covid continues to be not sure. Low ranges of financial resilience and rising costs suggest many people are liable to extreme financial points. And that’s going down in opposition to a backdrop of rising inflation and charges of curiosity and predominant geopolitical uncertainty. The impression of these elements will in all probability be felt by prospects and companies over the approaching yr and previous. The FCA will proceed to watch rising factors and adapt their plans the place obligatory.