FCA Business Plan 2017/18

FCA Business Plan 2017/18

Of Relevance to:
All firms

The FCA has published its Business Plan for 2017/18 – which also includes the ‘Risk Outlook’ (page 16) which analyses the wider context the FCA works in and the risks it sees in the market.

The Business Plan focuses on the following seven sectors (including some, but not all, planned FCA activities) which capture all the types of firm regulated by the FCA:

Investment Management

Wholesale Financial Markets

Retail Investments

  • Investment platforms
  • Auto advice
  • P2P/crowdfunding (lack of awareness of ‘client money’ requirements)
  • CFDs (see e.g. Regulatory Roundup 83) – we can expect follow-up work particularly on ‘appropriateness’
  • Completion of project assessing suitability of advice and disclosure
  • FAMR final guidance (see Regulatory Roundup 74)

The Business Plan also considers:

  • Pensions and retirement income
  • General Insurance and protection
  • Retail Lending
  • Retail Banking

In addition the FCA has identified the following cross-sector priorities:

  • Firms’ culture and governance
  • Financial crime and anti-money laundering
  • Promoting competition and innovation
  • Technological change and resilience
  • Treatment of existing customers
  • Consumer vulnerability and access

On the topic of “Technological change and resilience”, the Business Plan confirms that the FCA has created a dedicated Cyber Specialists team to oversee the way that regulated firms manage cyber risk.

Separately the FCA has published its ‘Sector Views’ covering the above seven sectors and which feeds in to the determining of priorities.

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