Business plan

FCA publishes its 2022/23 business plan and strategy

On April 7, the FCA published its three-year strategy, outlining how it will achieve better results for consumers and in UK markets, and its business plan for 2022/23.

We’ll write more about this in the coming days, but let’s start by saying that FCA plans, over the next three years, to focus on delivering on 13 commitments that relate to:

  • Reduce and prevent serious harm – FCA is recruiting 80 more staff to focus on shutting down problem businesses that fail to meet basic regulatory standards. It also plans to do more to keep criminals away from financial services.
  • Set and test higher standards – the new consumer obligation will allow for a greater focus on results, as companies will have to take into account the real impact that their products and services have on their customers. The FCA plans to improve standards in markets such as consumer investments and enable finance to play a key role in the transition to net zero by promoting transparency and building trust and integrity in ESG labeled products.
  • Promote competition and positive change – the FCA is helping to transfer EU law into FCA rules as part of the government’s future regulatory framework, using opportunities to adapt its rules to UK markets and striving to maintain and improve the UK’s position in global wholesale markets. The FCA supports innovation and competition, building on its regulatory sandbox which allows companies to test innovative proposals in the marketplace. And he plans to shape digital markets with government and other regulators.

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