Here are the key issues raised: Overall, the document positions the UK as an appealing place to domicile a financial services business. The FCA discusses its own plans for Brexit but urges firms to be aware of the risks.
The IRM Plan is an integral part of FCA’s overall planning; it identifies the agency’s technological strategic initiatives and supports other agency strategic planning efforts. Yesterday, the UK Financial Conduct Authority (FCA) published its Business Plan for /The Business Plan sets out a roadmap for the FCA’s principal areas of focus over the coming year. FCA Business Plan what this means for your firm | 5 Nonetheless, there are clear areas of new or increased priority in this year’s plan, including the significantly increased recognition of cyber threats, the enhanced focus on access and consumer.
Rolling out its new Financial Crime Annual Data Return our summary of this development is available here. Making the most of intelligence gathered from whistleblowers in relation to financial crime. Making sure that banks take a proportionate and effective response to derisking which is perhaps easier said than done.
The FCA is currently undertaking a derisking impact assessment, and will publish the results of this assessment later this year. However, the FCA remains cautious.
It notes the risks that technological advances expose firms to — for example, operational resilience, cyber crime and the protection of information. The FCA emphasised that firms need to focus on both infrastructure and culture to ensure that new technology benefits both consumers and markets.
This echoes the sentiment of communications published by the Treasury Select Committee earlier this year. As we predicted in a post published late last yearthe risks posed by technological advances — specifically cyber security and crime — may be the next big enforcement challenge for the FCA.
So watch this space. What the FCA proposes to do in lieu of its banking culture thematic review remains slightly unclear.
However, it looks like the FCA will continue to engage in dialogue with firms individually, as opposed to proposing another broad review. The FCA looks set to continue its strong focus on individual accountability and specifically on senior management in financial institutions.
The FCA has confirmed that it intends to extend the scope of the Senior Managers and Certification Regime to other firms including asset managers, hedge funds and broker-dealers in The FCA has also hinted that it intends to start consulting on its proposals for this extension this year.
For asset managers, the FCA has announced that it will publish an interim report relating to its Asset Management Market Study this summer, with a final report to follow in early For more information about the market study, click here. The FCA still considers that conflicts of interest are driving risks in wholesale banking through a number of avenues, and this has been reflected in some of the enforcement cases concluded against asset managers and banks over the past year or so.
However, it is unlikely that we have seen the last of conflicts of interest from an enforcement perspective. The fair treatment of customers and ensuring effective competition for customers remain high priorities for the FCA.
Particular areas of focus that the FCA has highlighted in the Business Plan include pensions, financial advice and how banks handle their existing customers. It appears that longer term consequences of the UK leaving the EU are still under consideration.The FCA Business Plan –18 The UK Financial Conduct Authority (FCA) has issued its annual business plan for fiscal year –18, which sets outs its cross-sector and individual sector priorities for the next 12 months.
The IRM Plan is an integral part of FCA’s overall planning; it identifies the agency’s technological strategic initiatives and supports other agency strategic planning efforts. – Business Plan Financial Overview. Q&A Session. Closing Remarks. Business (View all) Banking We had to work closely with the administrators to piece together information very quickly and create a plan that would inject some clarity and stability into a.
On 9 April the FCA published its Business Plan for /19, demonstrating its continued focus on culture and governance in firms, tackling financial crime and the role of technology in the financial services industry.
FCA Strategic Plan. Click here for FCA's Strategic Plan with Activities. At the November Board of Directors meeting, the FCA Board approved an updated mission statement and a revised strategic plan.