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FCA’s 2022/23 Business Plan: Key Highlights

As the FCA’s remit continues to grow, the regulator pledges flexibility in the face of global financial and geopolitical headwinds.

By Rob Moulton , Anne Mainwaring , Jaime O’Connell , and Dianne Bell

Reducing and preventing serious harm: for example, protecting consumers from harm caused by authorised firms, including tackling fraud and poor treatment. The FCA expects to “harness data to assess problems more quickly”, with the aim of preventing harm from happening in the first place.
Setting and testing higher standards: for example, focusing on the impact authorised firms’ actions have on consumers and markets. The FCA expects the new Consumer Duty to give firms greater certainty about how they should treat consumers as well as flexibility on how they deliver good outcomes.
Promoting competition and positive change: greater regulatory open-mindedness, for example, by building on the globally copied “sandbox” and introducing a “scalebox”.

The FCA makes several commitments under each focus area. An outline of the work programme for the next 12 months to achieve these ambitions is contained in the Business Plan 2022/23 , along with an indication of how progress will be measured and examples of the FCA’s work. ( See full list of the outcomes and proposed metrics that the regulator plans to develop ) Amongst the broad range of regulatory activities set out in the Business Plan (for example, robust supervision and enforcement, improving the redress framework, enabling consumers to help themselves, and minimising the impact of operational disruptions), some of the key activities for 2022/23 are summarised here.

Embedding the Consumer Duty
The Consumer Duty is to be embedded at each stage of the regulatory lifecycle (authorisation, supervision, and enforcement) and will become an “integral part” of the FCA’s regulatory approach. The regulator’s supervisory strategies will be amended to focus initially on the highest priority issues and portfolios.
The FCA plans to publish rules and guidance on the Consumer Duty by the end of July 2022.
The FCA will participate in the Financial Inclusion Policy Forum, and will work closely with the government and other bodies to support consumer access to products and services under its consumer protection and competition objectives.
Strengthening the UK’s Position in Global Wholesale Markets
Market participants regard the UK as one of the top markets of choice due to its encouragement of innovation is encouraged, and its regulation is viewed as “appropriately evolving” to address new opportunities and risks. The FCA wants to develop a metric to measure market participants’ views on its effectiveness, to maintain the UK’s position, and to ensure market participants regard the regulatory framework as proportionate in terms of speed and cost.
The FCA’s activities over the next 12 months will include enhancing its capacity to approve listed issuers onto UK capital markets and starting the transfer of the regulatory framework from legislation into FCA rules through HM Treasury’s Future Regulatory Framework.
The FCA will begin to update the wholesale markets regulatory framework, and will work with Treasury on the review and development of the overseas firms regime. ( See Latham’s recent overview of HM Treasury’s Wholesale Markets Review )
The FCA will support innovation through a flexible regulatory approach, including the launch of the financial market infrastructure (FMI) sandbox.
Delivering Assertive Action on Market Abuse
The FCA wants to improve its perceived effectiveness in promoting market integrity, and increase the number of FCA interventions (broadly defined) for failure of publicly traded issuers to disclose properly.
The FCA is considering the best way to measure market abuse/misconduct enforcement cases and outcomes.
The FCA will provide guidance through Technical Notes in 2022/23 (which are consulted on through the Primary Markets Bulletin publications).
The FCA will deliver the Market Surveillance Refresh project (allowing efficiency improvements in FCA alerting/enquiry analytic tools) and the Markets Data Processor refresh project (delivering market data to the FCA’s alerting and analytic tools).
The FCA intends to increase its detection capability.
Fulfilling ESG Priorities
The FCA wants to combat misleading marketing and disclosure around ESG-related products and improve the quality of climate and sustainability-related disclosures to promote accurate market pricing and help investor decision-making. It hopes to develop metrics to measure the incidence of misleading marketing in ESG products and the improved quality/quantity of disclosures.
Stakeholders have expressed a desire to see more active investor stewardship that positively influences companies’ sustainability strategies. The FCA will work with other regulators and industry leaders to develop indicators for the effectiveness of stewardship.
The Business Plan states broadly that the FCA intends to “embed consideration of ESG issues in how we authorise firms and individuals”, which seems to expand the ESG integration mind-set into the general authorisation process.
In terms of rules and standards, the FCA plans to continue delivering its thought leadership internationally through, for example, its role as co-chair of the IOSCO Sustainable Finance Taskforce and the ongoing work on issuers’ sustainability disclosures. ( See Latham’s recent analysis of the ISSB’s draft global sustainability standards )
The FCA will take monitoring and enforcement action “as needed” on how firms manage the impacts, risks, and opportunities from ESG issues, including how they ensure customers are treated fairly. The regulator states that it “will develop new interventions as necessary”. Given the previously noted 2022/23 plans for metric development (i.e., disclosure quality/quantity, misleading product marketing, and the use of active investor stewardship for positive ESG outcomes), this scope for intervention will be one of the ways in which the FCA aims to use emerging information.
Operational Resilience and Disruptions
The FCA wants to ensure that important business services provided by firms are resilient to operational disruption. During 2022/23, it plans to ensure that the authorisation process takes into consideration how firms that are subject to the Operational Resilience Policy have ensured they meet the expectations of the policy.
A discussion will be launched with the Bank of England and the PRA on Critical Third Parties (CTPs) in 2022 through a Discussion Paper proposing a new oversight regime. This will involve the supervisory authorities setting resilience standards, a testing approach, and enforcement powers for CTPs. The responses to this discussion will inform a consultation expected to take place in 2023.
From 31 March 2022 to 31 March 2025, the FCA will assess how able firms are to remain within their impact tolerances. By 31 March 2025 firms must be able to show that they can meet these.

Change and Uncertainty on the Horizon

Considerable change lies ahead, as set out by HM Treasury in its proposed Future Regulatory Framework that will transfer greater powers to the FCA to set rules and to regulate in a way that is tailored to the needs of UK firms, markets, and consumers. The FCA will work with Treasury to design and deliver the new regulatory framework, which supports all of the regulator’s desired outcomes. The FCA intends to measure its success by how effectively it responds to change in its remit and accountability arrangements, as well as how it embeds firms facing requirements from legislation into FCA rules.

The FCA notes that the Business Plan 2022/23 is published at a time when the “external environment is changing rapidly”. This refers to the risks associated with the uncertainty around the long-term impact of Covid, low levels of financial resilience, and rising costs — all of which is set against a backdrop of rising inflation and interest rates and major geopolitical uncertainty. The impact on consumers and firms is expected to be felt over the coming year and beyond. With this in mind, the FCA emphasises that it will monitor emerging issues and “adapt our plans where necessary”.

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FCA Business Plan 2021/22

New approach, expanding priorities.

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The FCA’s Business Plan continues to be heavily outcomes-focused and there is less sector-specific detail, revealing a conscious change of approach. It notes that the digitalisation of financial services brings profound changes in the way consumers make decisions and global markets operate, that the transition to a net zero economy will require an entirely different approach to markets and investment products, and that persistently low interest rates may lead to consumers taking excessive financial risk or broader systemic risks in wholesale markets.

The plan continues the theme that the current regulatory framework is overly focused on rules and process, and not enough on principles and outcomes. This sentiment is echoed by the addition of Consumer Duty to its existing four consumer priorities. The FCA sees too many resources devoted to redress and remediation, and not enough to empowering consumers to take good decisions and regulatory action to prevent harm and safeguard consumers’ financial wellbeing. We see this driving principle featuring prominently as the FCA continues its transformation programme.

In wholesale markets, the FCA continues its focus on market integrity with the LIBOR transition and prevention of market abuse and financial crime. With more freedom post-Brexit for the UK to tailor rules in the wholesale markets, there is a new focus on effectiveness in primary and secondary markets. In investment management and pensions, the FCA wants fair value and products that meet investors’ needs. It continues to work with the Bank of England and international bodies on the framework to manage liquidity in open ended funds, including money market funds. The FCA also wants improved oversight by principal (regulated) firms over their appointed representatives (ARs).

Unsurprisingly, the priorities across all markets include fraud, financial resilience and resolution, and operational resilience. New and significant entries are diversity and inclusion (within both the FCA and regulated firms) and environmental, social and governance (ESG) issues. The FCA’s international aims have shifted away from Brexit – other than ensuring firms exit smoothly from transitional arrangements – to global standard-setting, open markets and effective cross-border supervision.

To ensure firms start with high standards and maintain them, the FCA will more intensively assess and scrutinise applicants’ financials and business models, but the application process will be more straightforward. It will also increase its oversight of newly authorised firms (a regulatory “nursery”) and of firms that are growing significantly.

The plan describes how the FCA’s role will change as it develops towards “a more innovative, assertive and adaptive approach”. Whilst these are laudable aims, it will represent a significant challenge for the FCA as it juggles a raft of other regulatory challenges. However, despite this, the FCA has also made a commitment to be more accountable with a promise to report on its progress against metrics to be determined.

The FCA’s budget will increase by 4%, with the costs of ongoing regulatory activity (ORA) up 4.9%. The FCA appears to have removed its freeze on the fees paid by the smallest firms – a concession that had been in place for the last two years. This is a signal that the FCA is seeking to transition out of its pandemic measures, where appropriate.

Highlights featured in this update:

Consumer priorities, wholesale markets priorities, cross-cutting priorities, transforming how the fca works and regulates.

Whilst the FCA continues the focus on its four strategic priorities from last year’s Business Plan, it acknowledges that the shape and scope of some of these priorities have changed to reflect changes in consumers’ finances and behaviour. Further, it has added the Consumer Duty initiative as a fifth priority, underlining the intended regulatory impact of the new duty, which is a “raising of the bar” in the treatment of customers. For further details, see KPMG’s paper on the potential impact of the new Consumer Duty.

1) Enabling consumers to make effective financial decisions

The FCA has broadened out this priority to all consumers (last year it was limited to just investment consumers). However, the outcomes the FCA seeks have not fundamentally changed.

The FCA has made some progress, such as in looking to strengthen financial promotion rules and awareness of ScamSmart. The FCA’s next near-term priorities are:

Publishing shortly its Consumer Investments Strategy (which will include how the FCA tackles firms and individuals who cause consumer harm) and a second data report, detailing the FCA’s work to protect consumers
Creating a “consumer investment coordination group” with the FSCS, the FOS and the Money and Pension Service (MaPS), to gather information on sharp practices and so better target interventions
Beginning a review of aspects of the rules on the scope and coverage of FSCS compensation

2) Ensuring consumer credit markets work well The underlying outcomes for this priority are unaltered. In order to achieve these outcomes, the FCA will focus on :

How firms are providing tailored support to borrowers in financial difficulty
Reviewing its approach to the debt advice rules to help over-indebted consumers get high-quality advice
Bringing “Deferred Payment Credit” into its regulatory remit
Considering possible future changes in credit information markets where consumers can choose to use credit information to make better-informed decisions

3) Making payments safe and accessible

The FCA has extended both the scope and remit of this priority, placing greater emphasis on consumer protection by ensuring access to payments services and the payments market being competitive and innovative – especially for smaller businesses. The FCA will:

Focus supervisory activity on ensuring payment services and e-money firms are financially robust and customers understand FCSC coverage
Seek to continue to protect access to cash – particularly for consumers in vulnerable circumstances
Work with HMT to develop policy and recommendations on payments, e-money and crypto-assets

4) Delivering fair value in a digital age

The underlying outcomes for this priority are unaltered and much of the FCA’s activity will be a continuation of existing work. However, as it builds its digital markets strategy, it will develop a framework to identify and assess potential harms and benefits arising from the increasing digitalisation of financial services markets. In the meantime, the FCA will focus on:

Assessing the implementation of the GI pricing practices requirements (January 2022) by using firms’ reporting data to measure success, track market changes and identify firms that continue to engage in price walking
Continuing to assess the impact that digitalisation can have on competition to help ensure that digital financial services markets operate effectively to generate good customer outcome
Investigating practices, such as “sludge practices”, which make it difficult for consumers to cancel a product or service online

5) Consumer Duty

This is a new priority driven from the FCA’s recent consultation on a New Consumer Duty, which signals a “paradigm shift in its expectations” of firms. Therefore, the impact of this publication cannot be under-estimated in terms of its regulatory intentions. The outcomes the FCA is seeking to achieve are that:

Communications equip consumers to make effective, timely and properly informed decisions
Products and services are specifically designed to meet consumers’ needs and sold to those whose needs they meet
Customer service meets the needs of consumers, enabling them to get the benefits of products and services and act in their interests without unnecessary barriers
The price of products and services represents fair value for consumers

The consultation closes on 31 July 2021 and the FCA will set the proposed new rules or guidance in a subsequent consultation at the end of 2021, with a view to finalising and introducing any new rules before end-July 2022.

The FCA’s focus in relation to wholesale markets is widening from market integrity to also include market effectiveness and efficiency. The FCA highlights the ”gamefication’ of finance due to the digital access consumers now have to wholesale markets. Given that retail consumers do not have the same protections when accessing wholesale markets directly, it is important that wholesale firms must meet conduct obligations around conflicts of interest, price manipulation and information.

1) Review of rules in primary and secondary markets

The rules framework supports the needs of investors and companies seeking to raise finance and manage risks through capital markets.

The focus is on improving the effectiveness of the markets. The FCA is consulting on amendments to the Listing rules, including recommendations for the Lord Hill’s UK Listing Review Report , and the proposed rules around special purpose acquisition vehicles (SPACs). The FCA is proposing to extend climate-related financial disclosures from premium listed companies to standard listed companies. In the secondary markets, the FCA is working with HM Treasury to simplify and improve the effectiveness of the on-shored MiFID II/ MIFIR regimes.

2) LIBOR Transition

Firms and markets complete an orderly transition away from LIBOR to alternative risk-free rates, with customers treated fairly throughout this transition.

With the cessation of non-USD LIBOR at end-2021, the FCA will focus on using its powers to support an orderly transition (i.e. finalising the framework around the use of synthetic LIBOR). Firms should also expect increased monitoring of their transition plans by both the FCA and the PRA.

3) Market abuse and financial crime

Firms effective in preventing market abuse and reducing the risks of financial crime

No new initiatives are announced, but the FCA will seek to measure the impact of its work in this area.

4) Asset management and non-bank finance

Firms to offer investors products that are fair value, meet their investment needs and offer an appropriate level of protection; marketing and disclosures to be fair, clear and not misleading

Asset managers should manage liquidity in funds to avoid unnecessary risks to investors and market integrity

Enable investment in less liquid assets for those with a long-term investment view who can cope with the risk of these investments

The FCA will continue to focus on how asset managers ensure value for consumers, increase its supervisory focus on whether disclosures on ESG properties of funds are fair, clear and not misleading, and continue to seek to identify funds that are outliers to their peers (e.g. due to high fees). It will follow up the findings in its June report on governance weaknesses in host Authorised Fund Managers and its work with the Bank of England on liquidity management in open-ended funds and reform of money market funds. It will introduce the new “LTAF” structure, designed to accommodate relatively illiquid assets, and will decide whether to proceed with requirements for notice periods for open-ended property funds.

5) Pension products

Pension providers offer good value products, and consumers use guidance and support to help them make effective choices.

The FCA will be working with the Pensions Regulator (TPR) on reviewing how to best drive value for money in pensions. The FCA wants pension providers to offer good value products and consumers to be able to make effective choices. The FCA will also be consulting on changes for non-workplace pension providers to help ensure consumers are offered an appropriate default solution where they need it.

6) Appointed Representatives regime

Principals and ARs that are competent, financially stable and ensure fair outcomes for consumers when selling products or giving advice.

The FCA is concerned that the oversight of principal firms (which have regulatory permissions) over their appointed representatives (ARs) is not strong enough and leading to unfair outcomes for consumers. The FCA will increase its supervision in this area and consult on cross-sector changes to improve and strengthen elements of the AR regime – this may include fundamental legislative change.

The FCA notes that the seven priorities in the Plan that are across all markets are not exhaustive. It points readers to the Regulatory Initiatives Grid for more information.

1) Fraud

The FCA’s focus will be on:

keeping fraudsters out of financial services at the gateway
stopping regulated firms from facilitating fraud
detecting and pursuing FCA-supervised and improperly unauthorised/ unapproved fraudsters
informing and empowering the public to protect themselves

It will conduct proactive surveillance and monitoring, use effective triage to prioritise, disrupt the work of fraudsters and identify the right intervention, remove FCA-supervised fraudsters from the financial system, and work closely with anti-fraud partners to maximise the collective fight against fraud.

2) Financial resilience and resolution

Firms to have appropriate capital, liquidity and reserves to cover outstanding redress liabilities, so they do not fail in a disorderly manner
Firms to hold financial resources proportionate to the potential harm caused if they do fail, reducing the level of FSCS pay-outs over time
Scale of compensation liabilities to stabilise in the medium-term and reduce longer-term as firms hold more capital and liquidity, and fewer cause misconduct that requires them to pay redress on a large scale

The FCA will support firms as they adapt to the new Investment Firms Prudential Regime (IFPR), strengthen its data-driven monitoring of the financial resilience of solo-regulated firms, target interventions at firms with weak financial resilience and those that are likely to cause material harm if they fail, continue work to automate and combine financial resilience data with other data on firms, review aspects of the compensation framework to ensure it remains appropriate and proportionate, and tackle the root causes of harm that create compensation liabilities.

3) Operational resilience

Firms should be operationally resilient against multiple forms of disruption to minimise the harm caused to consumers and markets. Over time, the FCA would expect to see a reduction in the number, type, duration of incidents and the level of harm they cause. The FCA will assess firms’ progress in implementing its 2021 Policy Statement. From April 2022, it will assess how able firms are to remain within their impact tolerances.

4) Diversity and inclusion

The FCA wants to improve its own diversity and inclusion so it has an inclusive working environment with diverse teams who are confident to share their experience and opinions, its people reflect the society it serves, and regulation supports improved outcomes for different groups in the population. For firms are:

Regulated firms and listed companies have more diverse representation at all levels
Regulated firms and listed companies foster cultures that are inclusive so that staff can share their diverse experiences and backgrounds
Firms design and deliver products that reflect the diverse needs of consumers, offer fair value and are delivered in a fair and accessible way

To support these three outcomes, the FCA expects to see better data collection by regulated firms. It will develop how it measures progress against these outcomes to ensure a consistent approach across financial services.

5) Environment, social and governance (ESG)

High-quality climate- and sustainability-related disclosures to support accurate market pricing, helping consumers choose sustainable investments and drive fair value
Promote trust and protect consumers from mis-leading marketing and disclosure around ESG-related products
Regulated firms have governance arrangements for more complete and careful consideration of material ESG risks and opportunities
Active investor stewardship that positively influences companies’ sustainability strategies, supporting a market-led transition to a more sustainable future
Promote integrity in the market for ESG-labelled securities, supported by the growth of effective service providers – including providers of ESG data, ratings, assurance and verification service
Innovation in sustainable finance, making use of technology to bring about change and overcome industry-wide challenges

The FCA will:

Continue its “world-leading” work on TCFD-aligned disclosures for listed companies and asset managers/owners
Work to address concerns about greenwashing
Promote standardisation of wider ESG-related disclosures
Collaborate domestically with the government and industry
Monitor the exercise of investor stewardship by institutional investors
Gather market intelligence to gauge how well firms are supported by service providers (such as ESG rating providers)
Encourage innovation in sustainable finance
Enhance its role as a facilitator of sustainability in financial markets and firms by acting as a convener, agent of change and role model

6) International

The FCA says it is committed to robust international standards, strong relationships with authorities around the globe and effective supervision of cross-border financial services. It will be an active member of international standard-setting bodies, participate in the IMF’s 2021 review of the UK, ensure smooth operation of the Temporary Permission Regime and engage with firms to ensure orderly exits from Brexit transitional arrangements.

7) Market access, equivalence and trade negotiations

Future trade relationships that support open markets in a way that respects and promotes our objectives and ensures regulatory and supervisory autonomy
A domestic market access regime that addresses regulatory and supervisory risks from cross-border access, operates effectively post EU-withdrawal and recognises the benefits of open markets

The FCA will provide technical advice to trade negotiations and engage with HMT on its work on the UK’s overseas framework.

Nikhil Rathi, Chief Executive says, “We operate in a world of rapid and disruptive change. To be an effective regulator, we can’t just respond to today’s challenges. We need to prepare for those of tomorrow.” The Plan says that the FCA will be:

More innovative – taking advantage of data and technology to increase its ability to act decisively in the interests of consumers
More assertive – testing the limits of its powers and engaging with partners to make sure they bring their powers to bear
More adaptive – constantly learning and always adjusting its approach as consumer choices, markets, services and products evolve

It expects its approach and delivery of work to exhibit six traits: purposeful, professional, partnering, proactive, pace and pride. The plan does not provide explicit feedback against the four outcomes the FCA set itself last year, but it has set out its first strategic overarching outcomes and metrics to align with its transformation programme:

Setting the bar high to support sustainable innovation for consumers: publish the aggregate amount by which consumers benefit from its policy work to improve market outcomes.
Setting the bar high to support market integrity in wholesale markets: continue to monitor, and expect improvements in, its suite of market cleanliness statistics
Ensuring firms start with high standards and maintain them: monitor. refusal/withdrawal/rejection rates (expected to increase initially) and complaints about newly authorised firms (expected to reduce).
Using new approaches to find issues and harm faster: monitor the value and volume of FSCS claims.
Tackling misconduct to maintain trust and integrity: expect an initial increase as firms’ permissions are removed.
Enabling consumers to make informed financial decisions: expect a reduced number and proportion of calls to the FCA that need to be directed elsewhere and increased effectiveness of its ScamSmart campaigns.
Diversity and inclusion across the industry: monitor and set targets for itself and drive stronger outcomes across the industry.

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Introduction

The FCA plays a crucial role in shaping the landscape of financial services, and its annual Business Plan serves as a roadmap for the regulator’s priorities and initiatives.

This post aims to provide an in-depth analysis of the FCA’s Business Plan, highlighting key themes and initiatives that are expected to drive change in the financial sector. By examining the plan’s key commitments, metrics, and focus areas, we can better understand the FCA’s vision and its potential impact on regulated firms, market participants, and consumers.

What is the fca.

The FCA, or Financial Conduct Authority, is the regulatory body responsible for overseeing the financial services industry in the United Kingdom.

The primary objective of the FCA is to ensure the integrity, efficiency, and fairness of the UK financial markets. It aims to protect consumers, promote competition, and maintain the stability of the financial system. The FCA regulates a wide range of financial firms, including banks, insurance companies, investment firms, mortgage lenders, and consumer credit firms.

It was established in April 2013 as part of the Financial Services Act 2012, replacing the Financial Services Authority (FSA).

The Financial Conduct Authority (FCA) regulates the financial services industry in the UK. Its role includes protecting consumers, keeping the industry stable, and promoting healthy competition between financial service providers. Gov.uk

The UK's Financial Regulator

A history of the fca.

The FCA’s formation was a response to the global financial crisis of 2008, which exposed serious shortcomings in financial regulation. The FSA, which was responsible for regulating the financial services industry at the time, faced criticism for its failure to prevent the crisis and effectively regulate the industry. As a result, the UK government decided to split the FSA into two separate entities: the Prudential Regulation Authority (PRA) and the FCA.

The PRA is responsible for the prudential regulation and supervision of banks, building societies, credit unions, insurers, and major investment firms in the UK. Its primary objective is to promote the safety and soundness of these financial institutions and ensure the stability of the UK financial system.

Conversely, the FCA is tasked with the supervision of the 60,000+ firms it has oversight of, as well as protecting consumers and working with firms to ensure fair outcomes. Since its establishment, the FCA has implemented various regulatory initiatives and reforms to enhance financial stability, firm conduct and consumer protection. It has introduced stricter rules and standards for financial firms, including requirements for greater transparency, improved risk management practices, and enhanced customer safeguards. The FCA also has the power to enforce regulations, investigate misconduct, and take disciplinary action against firms or individuals who breach its rules.

Understanding the Financial Conduct Authority

What are the fca’s objectives.

The FCA’s primary objectives are to protect consumers and maintain the integrity of the UK’s financial markets. It has a wide range of responsibilities, including supervising and regulating banks, insurance companies, investment firms, and other financial institutions. The FCA aims to ensure that the firms it oversees operate in a way that is fair, transparent, and in the best interests of consumers.

Objective #1

Secure an appropriate degree of protection for consumers.

Objective #2

Protect and enhance the integrity of the UK financial system.

Objective #3

Promote effective competition in the interests of consumers.

THE FCA'S REMIT

Who is monitored by the fca.

The FCA monitors and regulates various entities and individuals to ensure the integrity, stability, and transparency of the financial markets. The FCA’s oversight extends to a wide range of participants operating within the UK financial sector.

It is important to note that the FCA’s regulatory oversight is extensive, covering a wide range of participants in the financial sector. The specific entities and individuals monitored may vary based on the nature of their activities and any sector-specific licences they hold.

Banks and building societies

Insurance companies, investment firms, stock exchanges and trading platforms, payment service providers, mortgage lenders and brokers, consumer credit firms, financial advisers and investment intermediaries, crypto currency businesses, appointed representatives (ars).

Banks and building societies: The FCA monitors and regulates banks and building societies operating in the UK, ensuring they comply with regulations and maintain the stability of the banking system.

Insurance companies: Insurance providers, including life insurers, general insurers, and insurance intermediaries, are monitored by the FCA to ensure they meet regulatory requirements and provide fair treatment to customers.

Investment firms: The FCA oversees investment firms, including asset management companies, hedge funds, and investment advisors, to ensure they operate within the regulatory framework and protect investors’ interests.

Stock exchanges and trading platforms: The FCA monitors investment exchanges, such as the London Stock Exchange, and trading platforms to maintain fair and transparent markets.

Payment service providers: Firms providing payment services, such as banks and payment processors, are regulated by the FCA to ensure the security and efficiency of payment systems.

Mortgage lenders and brokers: The FCA monitors mortgage lenders and brokers to ensure responsible lending practices, fair treatment of borrowers, and compliance with mortgage-related regulations.

Consumer credit firms: Firms offering consumer credit, including lenders, debt management companies, and credit brokers, are regulated by the FCA to protect consumers from unfair practices and excessive borrowing.

Financial advisers and investment intermediaries: Individuals and firms providing financial advice, investment recommendations, or acting as intermediaries in investment transactions are monitored by the FCA to ensure they meet professional standards and act in the best interests of their clients.

Cryptocurrency businesses: The FCA also actively monitors and regulates certain types of cryptocurrency-related businesses, such as crypto exchanges and wallet providers, in order to combat money laundering, protect consumers, and maintain market integrity.

Appointed Representatives (ARs) : Individuals or firms acting as appointed representatives of authorised entities are monitored by the FCA to ensure compliance with regulatory requirements.

UNRAVELLING THE BUSINESS PLAN

What is the fca's business plan.

Published on a yearly basis, the FCA’s Business Plan outlines the regulatory body’s priorities for the year ahead. It defines what the regulator is doing to deliver on its current strategy, and outlines a number of commitments and metrics by which progress will be measured.

KEEPING IN LINE WITH THE FCA

What behaviours does the fca expect of financial service firms.

While the FCA sets the regulatory conditions that it encourages, and if needed, enforces good conduct, firms are ultimately responsible for conducting their business in a compliant and responsible way. The body’s specific expectations of firms vary for consumers and for wholesale markets, with similar topline outcomes of fair value, confidence and access.

The Business Plan is just one part of the overall framework. There is an important three-year strategy which started last year, they've (the FCA) talked about what year two looks like, and that feeds into the Business Plan. They've got a number of commitments and metrics. And we have those changes to the regulator's perimeter. Lucy McClements, Independent Consultant

There are four overarching outcomes that the regulator expects of the firms under its supervision serving consumers directly:

Fair value: consumers must receive fair prices and quality
Suitability and treatment: consumers are sold suitable products/services and are treated well when doing so
Confidence: consumers have confidence when participating in financial services, with minimised financial crime and, in cases where firms may fail, they experience less harm
Access: financial services that meet diverse consumer needs and are easily accessible to all

For wholesale markets, these outcomes are slightly different but demonstrate the same core themes:

Fair value: through increased transparency, market participants can make informed assessments of value and risk
Confidence: markets are resilient, with low levels of abuse, financial crime, and regulatory misconduct
Access: market participants are able to access a range of services in an orderly fashion across a variety of market conditions

PLANNING FOR THE FUTURE

The fca’s commitments.

All customers or entities entering into a relationship with a regulated organisation must undergo checks in accordance with anti-money laundering regulations. As a minimum regulatory requirement, FATF recommends that financial institutions undertake customer due diligence measures when:

Reducing and preventing serious harm.

Setting and testing higher standards.

Promoting competition and positive change.

Focus 1: Reducing and preventing serious harm

focus 2: setting and testing higher standards, focus 3: promoting competition and positive change.

Dealing with problem firms : Creating a better functioning financial market by reducing and preventing harm and consumer risk. The FCA will improve its capacity to intervene when firms do not meet threshold conditions, removing or sanctioning those that can’t or won’t meet the FCA’s rigorous standards.
Improving the redress framework: Ensuring consumers have access to the correct procedures and channels to redress when something goes wrong. The FCA aims to identify potential problems earlier, improve firms’ resilience, and undertake redress exercises with firms so they are prepared to quickly remedy any harm.
Reducing harm from firm failure: Helping firms to prepare for the risk of failure from the point of authorisation and, where appropriate, through early oversight. The FCA aims to act faster to identify and resolve problems to prevent firms from causing harm to consumers and market participants.
Improving oversight of Appointed Representatives (ARs): In acknowledging the risk of consumer harm from ARs (a firm that undertakes regulated activities and acts as an agent for firms authorised by the FCA), the FCA aims to improve the amount of information it has on ARs, increasing its supervision of ARs, and identifying which business models may pose a heightened risk.
Reducing and preventing financial crime: Continued scrutiny of firms before they are authorised and thereafter to ensure they meet FCA standards for the prevention of financial crime. Increased proactive supervision, monitoring social media for suspicious advertising, and ensuring cryptoasset firms’ compliance with money laundering regulations.
Delivering assertive action on market abuse: Ensuring firms have the right culture and safeguards in place to identify, report and reduce the risk of market abuse, while improving the body’s ability to detect and deter future instances of abuse.
Putting consumers’ needs first: Ensuring consumers are able to make their own, informed decisions which are in their best interests and pursuant to their financial objectives through the proposed Consumer Duty, which outlines clearer and higher expectations on the standard of care firms provide to customers.
Enabling consumers to help themselves: Enabling consumers to make decisions based on their own information research to make informed and good investment decisions. The FCA aims to improve consumer understanding, clamp down on misleading information and adverts, and stop unauthorised businesses.
A strategy for positive change: ESG priorities: Promoting and executing a strategy supporting key ESG initiatives to help firms to better meet the needs of consumers, support innovation, build trust, further competition and position the UK at the forefront of ESG leadership on a global scale.
Minimising the impact of operational disruptions: Helping firms to respond to, recover from and prevent disruptions to operations to limit any adverse impact on access to essential services and minimise any knocks to consumer confidence in financial services through comprehensive guidance to strengthen firms’ resilience.
Preparing financial services for the future: Adapting and implementing the FCA’s regulatory framework to suit UK markets quickly and in response to innovation, new challenges or emerging risks.
Strengthening the UK’s position in wholesale markets: Continue to position the UK at the forefront of evolving global standards, and provide transparency, consistency and cooperation with overseas wholesale markets and other authorities.
Shaping digital markets to achieve good outcomes: Ensuring the FCA has a deep understanding of the risk and opportunities of the digitalisation of financial services in a way that benefits consumers and mitigates any harm through regulatory initiatives, swift response to technologies developments, building skills and capabilities within the FCA itself and providing thought leadership where appropriate.

I think that as a compliance officer, a compliance professional, you have a choice. Do you just read your 'Dear CEO' letter and the guidance - and there has been a massive drift towards guidance and policy statements - or do you look at the whole thing and understand where the movement is over time? Ben Mason, Founder of My Compliance Centre

These commitments form the pledges the FCA is making to achieve its focuses for the coming year, and create the conditions for firms to deliver the outcomes the regulator expects. As such, firms must have a clear understanding of these commitments, how the FCA will define and measure success, and ensure existing regulatory frameworks are adapted to ensure ongoing regulatory compliance.

In order to deliver on these commitments, and hold itself accountable, the FCA has developed a number of key metrics. These metrics will allow the regulator to measure its success in delivering these commitments in line with its strategy.

MEASURING REGULATORY SUCCESS

Fca metrics to watch.

As part of this year’s Business Plan, the FCA has detailed the metrics it intends to track over the next 12 months that will be used to assess progress against delivering the outcomes listed above, as well as providing a baseline for authorised firms to measure their own performance against. With some 80+ metrics referenced in the latest Business Plan to measure the body’s progress, the next 12 months are shaping up to be a transformative period for financial service firms. We’ve picked just a fraction of the current list of metrics being tracked by the FCA and take a look at these below.

Outcome: Consumers receive fair prices and quality

Metric: CFV-M01: Reduction in the proportion of consumers who, in the last two years, have been offered a financial product or service they wanted, but at a price, or with terms and conditions, they felt to be ‘completely unreasonable’

Using data sourced from the FCA Financial Lives Survey, the regulator hopes to achieve a reduction in the number of customers who have been offered financial products or services in the last two years at a price, or with T&Cs, they felt to be ‘completely unreasonable.’ This metric is a key indicator of whether consumers feel that they are receiving a fair price or quality.

Baseline value: 7% of consumers (2020 results used as baseline for comparison)

Outcome: Diverse consumer needs are met through high operational resilience and low exclusion

Metric: CAC1-M01: Reduction in the number of operational incidents

Making use of the vast amounts of supervisory data held by the FCA, this metric takes into account any operational incidents that could detrimentally impact a customer’s access to financial services. Firms authorised and supervised by the FCA must be open and cooperative with the regulator, disclosing anything that relates to the operational resilience of the firm.

Baseline value: 599 operational incidents (data from 2021 used as baseline)

Metric: CAC2-M01: Reduction in the proportion of consumers who were declined a product or service in the last two years, and, in their view, this was due to non-financial factors such as their age, health or ethnicity

From data in the Financial Lives Survey, this metric evaluates the extent to which consumers feel they have been denied access to a financial service or product based on non-financial factors. This metric is an indicator of where a firm may be, through their own conduct, perpetuating financial exclusion.

Baseline value: 19% of consumers who were declined a product or service (data from 2020 used)

Outcome: Markets are resilient to firm failures and clean with low levels of market abuse, financial crime and regulatory misconduct

Metric: WCO2-M03 (under development): Increase in proportion of applications rejected, withdrawn or refused by the FCA under Money Laundering Regulations (MLRs) or for financial crime reasons

An indicator of the strength of the FCA’s application gateway in minimising financial crime, this metric uses FCA authorisations data around the firms refused, withdrawn or rejected by the regulator following an intervention by FCA staff. It demonstrates their commitment to only authorising firms with high standards for reducing financial crime from the outset.

Baseline value: 49 applications (22.4%) from Annex 1 financial institutions were rejected, withdrawn or refused

Outcome: Ensuring firms start with high standards and maintain them

Metric: STO3-M01: Increase in FCA-led refusal/withdrawal/rejection rates for new firm authorisations

In a similar vein to WCO2-M03 referenced above, this metric also used FCA authorisations data to measure the number of firms being rejected, refused or withdrawn from becoming authorised by the FCA during the registration process or in the early years of being supervised.

Baseline value: 15% in 2021 (up 7% from 2020 due to the registration gateway becoming more robust)

Please note: While we here at NorthRow work with compliance professionals every day, we are not lawyers. This post is a high-level overview of the FCA’s Strategy and Business Plan. This post should not replace sound legal advice tailored to your business that is available from professional solicitors or lawyers.

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FCA’s 2022/23 Business Plan: Key Highlights

[co-author: Dianne Bell]

As the FCA’s remit continues to grow, the regulator pledges flexibility in the face of global financial and geopolitical headwinds.

On 7 April 2022, the FCA released its new Business Plan as part of a package including a three-year strategy document setting out the outcomes it expects all firms to deliver across UK markets. In his introductory message, FCA Chief Executive Nikhil Rathi noted that the regulator’s broad and growing remit means “prioritisation is inevitable”. The FCA’s more outcomes-based approach means its commitments for the next three years fall into three stated areas of focus:

Reducing and preventing serious harm: for example, protecting consumers from harm caused by authorised firms, including tackling fraud and poor treatment. The FCA expects to “harness data to assess problems more quickly”, with the aim of preventing harm from happening in the first place.
Setting and testing higher standards: for example, focusing on the impact authorised firms’ actions have on consumers and markets. The FCA expects the new Consumer Duty to give firms greater certainty about how they should treat consumers as well as flexibility on how they deliver good outcomes.
Promoting competition and positive change: greater regulatory open-mindedness, for example, by building on the globally copied “sandbox” and introducing a “scalebox”.

Embedding the Consumer Duty
The Consumer Duty is to be embedded at each stage of the regulatory lifecycle (authorisation, supervision, and enforcement) and will become an “integral part” of the FCA’s regulatory approach. The regulator’s supervisory strategies will be amended to focus initially on the highest priority issues and portfolios.
The FCA plans to publish rules and guidance on the Consumer Duty by the end of July 2022.
The FCA will participate in the Financial Inclusion Policy Forum, and will work closely with the government and other bodies to support consumer access to products and services under its consumer protection and competition objectives.
Strengthening the UK’s Position in Global Wholesale Markets
Market participants regard the UK as one of the top markets of choice due to its encouragement of innovation is encouraged, and its regulation is viewed as “appropriately evolving” to address new opportunities and risks. The FCA wants to develop a metric to measure market participants’ views on its effectiveness, to maintain the UK’s position, and to ensure market participants regard the regulatory framework as proportionate in terms of speed and cost.
The FCA’s activities over the next 12 months will include enhancing its capacity to approve listed issuers onto UK capital markets and starting the transfer of the regulatory framework from legislation into FCA rules through HM Treasury’s Future Regulatory Framework.
The FCA will begin to update the wholesale markets regulatory framework, and will work with Treasury on the review and development of the overseas firms regime. ( See Latham’s recent overview of HM Treasury’s Wholesale Markets Review )
The FCA will support innovation through a flexible regulatory approach, including the launch of the financial market infrastructure (FMI) sandbox.
Delivering Assertive Action on Market Abuse
The FCA wants to improve its perceived effectiveness in promoting market integrity, and increase the number of FCA interventions (broadly defined) for failure of publicly traded issuers to disclose properly.
The FCA is considering the best way to measure market abuse/misconduct enforcement cases and outcomes.
The FCA will provide guidance through Technical Notes in 2022/23 (which are consulted on through the Primary Markets Bulletin publications).
The FCA will deliver the Market Surveillance Refresh project (allowing efficiency improvements in FCA alerting/enquiry analytic tools) and the Markets Data Processor refresh project (delivering market data to the FCA’s alerting and analytic tools).
The FCA intends to increase its detection capability.
Fulfilling ESG Priorities
The FCA wants to combat misleading marketing and disclosure around ESG-related products and improve the quality of climate and sustainability-related disclosures to promote accurate market pricing and help investor decision-making. It hopes to develop metrics to measure the incidence of misleading marketing in ESG products and the improved quality/quantity of disclosures.
Stakeholders have expressed a desire to see more active investor stewardship that positively influences companies’ sustainability strategies. The FCA will work with other regulators and industry leaders to develop indicators for the effectiveness of stewardship.
The Business Plan states broadly that the FCA intends to “embed consideration of ESG issues in how we authorise firms and individuals”, which seems to expand the ESG integration mind-set into the general authorisation process.
In terms of rules and standards, the FCA plans to continue delivering its thought leadership internationally through, for example, its role as co-chair of the IOSCO Sustainable Finance Taskforce and the ongoing work on issuers’ sustainability disclosures. ( See Latham’s recent analysis of the ISSB’s draft global sustainability standards )
The FCA will take monitoring and enforcement action “as needed” on how firms manage the impacts, risks, and opportunities from ESG issues, including how they ensure customers are treated fairly. The regulator states that it “will develop new interventions as necessary”. Given the previously noted 2022/23 plans for metric development (i.e., disclosure quality/quantity, misleading product marketing, and the use of active investor stewardship for positive ESG outcomes), this scope for intervention will be one of the ways in which the FCA aims to use emerging information.
Operational Resilience and Disruptions
The FCA wants to ensure that important business services provided by firms are resilient to operational disruption. During 2022/23, it plans to ensure that the authorisation process takes into consideration how firms that are subject to the Operational Resilience Policy have ensured they meet the expectations of the policy.
A discussion will be launched with the Bank of England and the PRA on Critical Third Parties (CTPs) in 2022 through a Discussion Paper proposing a new oversight regime. This will involve the supervisory authorities setting resilience standards, a testing approach, and enforcement powers for CTPs. The responses to this discussion will inform a consultation expected to take place in 2023.
From 31 March 2022 to 31 March 2025, the FCA will assess how able firms are to remain within their impact tolerances. By 31 March 2025 firms must be able to show that they can meet these.

Change and Uncertainty on the Horizon

FCA Business Plan 2021/22: Firms Should Expect a More Assertive FCA

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FCA affirms priorities in latest Business Plan

12 minute read

The FCA published its 2024/25 Business Plan on 19 March 2024, detailing its priorities and plans for the year ahead.

The Business Plan sets out how the FCA will deliver on its strategy , as it enters the third and final year. The strategy is based on three themes - (1) reducing and preventing serious harm, (2) setting and testing higher standards, and (3) promoting competition and positive change - and is underpinned by 13 commitments.

This year, the FCA plans to focus on three priority commitments: (1) putting consumers’ needs first, (2) reducing and preventing financial crime, and (3) strengthening the UK’s position in global wholesale markets. The regulator has not highlighted ‘preparing financial services for the future’ as a priority as it did last year, following progress on implementing the Smarter Regulatory Framework over the past 12 months.

The regulator acknowledges ongoing economic and geopolitical uncertainties, and is monitoring challenges such as higher interest rates and persistent inflation, global financial risks and geopolitical risks.

What does this mean?

This year’s plan is characterised by continuity, as the FCA focuses on delivering the third and final year of its strategy. Acknowledging the breadth of change enabled by the Edinburgh Reforms, and ongoing work to repeal EU law under the Smarter Regulatory Framework, there are limited new initiatives.

Nonetheless, firms should note the FCA’s continued focus on financial crime, consumer outcomes and wholesale market reform.

Consumer needs - The FCA will continue its extensive supervisory work to test firms’ implementation of the Consumer Duty and drive better consumer outcomes, through multi-firm work and market studies.

As previously highlighted in its life insurance portfolio letter (September 2023), the FCA plans to look at unit-linked pensions and long-term savings products to test the transparency of charges across value chains, how firms assess product value, and their response where they identify unfair value. It also plans to carry out multi-firm work on how swiftly the insurance industry responds to claims, including where customers are more likely to show characteristics of vulnerability (as previously signalled in its personal and commercial lines insurance portfolio letter ).

Wholesale markets - The FCA will continue to progress work implementing the outcomes of the Wholesale Markets Review and Edinburgh Reforms. This includes completing reforms to the Listing Regime , publishing proposals for the new Public Offer and Admission to Trading Regime, and finalising revised frameworks for commodity derivatives and non-equity transparency . The FCA confirms its commitment to consult on changes to the rules on paying for investment research, implementing the consolidated tape for bonds , and deciding on the approach for an equities tape.

Other areas of focus include supporting industry work on T+1 settlement changes and tokenisation, and working with HM Treasury on launching the PISCES platform and Digital Securities Sandbox. The FCA also highlights work to improve its responsiveness to episodes of heightened market volatility, and to tackle market abuse, particularly in the fixed income and commodity markets.

Financial crime - The regulator will continue to proactively assess the anti money laundering systems and controls of those firms deemed higher risk, and to strengthen its supervision of firms’ sanctions systems and controls.

The FCA also plans to increase investment in its systems this year, to further its data-led approach to target higher-risk firms and activities. It says it will expand its analytics and intelligence-gathering capabilities to better spot and track potentially fraudulent activity.

In addition to the three priorities covered above, we would also particularly draw firms attention to work planned under the following two commitments.

Shaping digital markets to achieve good outcomes - The FCA is continuing to assess the impact of AI on UK markets to better understand the risks and benefits, re-affirming its ‘pro-innovation and technology-agnostic approach’. The regulator adds that it will continue to robustly investigate digital consumer journeys and firms using sludge practices.

Improving the redress framework - The FCA highlights plans to consult later this year on guidance for how firms deal with redress, and on complaints reporting. It also plans to publish a response to the Advice Guidance Boundary Review (AGBR) discussion paper in the next 12 months, and has set aside £1.9m for this work.

The amount the FCA plans to invest in the Smarter Regulatory Framework over the next 12 months, the largest single amount allocated to a specific initiative this year.

What do firms need to do?

Ensure adequate resourcing and governance of in-flight regulatory change programmes, and be prepared for more significant reforms next year.

Be prepared for continued supervisory scrutiny of consumer outcomes.

The focus on continuity provides some surety for firms in an already packed regulatory agenda. Firms can invest with confidence in change programmes for in-progress reforms, and the plan underlines the need to ensure these are adequately resourced and have appropriate oversight and governance in place.

Firms should engage in upcoming reform initiatives highlighted by the FCA (such as the AGBR and wholesale market reforms), and factor these into business-wide strategic and operational planning. They should also be prepared for a more significant change programme from the FCA in a year’s time, when it is due to publish its new strategy and following the UK general election.

Firms should keep abreast of changes, especially in wholesale markets, given the pace and scale of the reforms. In particular, firms should engage with a forthcoming discussion paper on MiFID reporting and data requirements, and a further update on the FCA’s approach to a consolidated tape for equities.

In-scope firms should be prepared for continued supervisory interventions on the Consumer Duty, particularly on complaints handling and root cause analysis, consumer support journeys, consumer understanding, fair value, vulnerable customers, and closed products and services. Insurance firms should note the FCA’s upcoming work on claims handling, and fair value in unit-linked pensions and long-term savings products.

“The FCA drives home its focus on financial crime including market abuse, and its extensive work using the Consumer Duty to drive better outcomes. It also underlines its commitment to existing regulatory proposals such as the Advice Guidance Boundary Review, and new initiatives such as T+1 settlement changes, where there is a strong steer for the industry to engage.”

Andrew Strange Director, PwC

The UK regulators are due to publish an updated version of The Grid, which details a full list of their planned activities, in May 2024.

Andrew Strange

Director, London, PwC United Kingdom

+44 (0)7730 146626

Tessa Norman

Senior Manager, PwC United Kingdom

+44 (0)7483 132856

Claire Lawrie

+44 (0)7483 363525

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Homepage Insights Advice matters magazine The FCA’s Strategy 2022/2025 and Business Plan 2022/23

The FCA’s Strategy 2022/2025 and Business Plan 2022/23

20 May 2022

Isn’t it funny? You wait all year for the FCA’s annual Business Plan (or perhaps not!) and then not only do 2 come along in the space of 9 months (admittedly the publication of the one for 2021/22 was postponed for 3 months until July due to the on-going Covid-19 pandemic), but also an accompanying three-year Strategy Document. The latter has been fundamentally revisited and revised to include a more holistic and outcomes-focused approach than has ever been seen previously.

The strategy – fixed and in place for the next three years – is intended inter alia to enable the FCA to assess how well it is performing against its own areas of strategic focus. A closer inspection of the details reveals that the FCA has repackaged its existing commitments rather than introduce a sea-change in terms of a change of focus. The key step change is the degree of accountability and the granularity of the metrics that the FCA will use to measure its progress (source: KPMG).

But there have also been criticisms that the FCA should perhaps first get its house in order before embarking on its odyssey of data-led regulation – especially as its budget appears out of kilter with its appetite for change and ambitious plans for reform. However, procrastination is the thief of time and given the unforeseeable duration of Covid and residual adjustments to working patterns for everyone in the financial services sector, the FCA has perhaps no other choice than to crack on with its plans and reforms.

Business Plan 2022/23 – FCA’s programme of work for the coming year

The worst of Covid has passed (we hope), but in its place, new emerging macroeconomic and geopolitical challenges such as the Russia/Ukraine conflict and further anticipated inflation increases (plus hikes in interest rates, petrol and energy prices etc.) amply fill the void. This is a challenging time for consumers and the market as a whole and the FCA’s Business Plan sets out, perhaps too boldly(?), how the regulator intends to deliver on its proposed three-year strategy regardless of the external pressures.

On the agenda, strategic policy challenges include delivering a regulatory Brexit dividend, becoming a world thought leader on ESG-related matters and moving forward on recently announced Government ambitions for the UK to become the world-leading centre for Fintech innovation, including crypto-assets. Indeed, the rapid expansion of crypto-assets and digitalisation of financial services create opportunities and risks which demand a cautious and considered approach. Against such a complex and challenging agenda, the FCA is seeking to be better placed to continue responding to these challenges and opportunities by focussing on outcomes across all sectors and markets.

Following on from its 2021/22 Business Plan, the categorisation and definitions of the FCA’s consumer priorities have changed, albeit slightly (see below) with the essence of the priorities defined in the 2022/23 plan following similar themes; “Ensuring consumer credit markets work well” and “making payments safe and accessible” are aligned to the FCA’s commitment in the 2022/23 plan of “ putting consumers’ needs first ”; “Delivering fair value in a digital age” is in line with the commitment of “ shaping digital markets to achieve good outcomes ” and “Enabling effective consumer investment decisions” is in line with the commitment of “ enabling consumers to help themselves ”.

The 2022 / 2025 Strategy? Results, not process

The Strategy Document re-emphasises the directional shift that was introduced within the FCA’s 2021/22 Business Plan, which initiated a move away from detailed plans for each financial services sector, in favour of focusing on the outcomes that the FCA is seeking across all of the sectors that it regulates (source: Latham Watkins). Thereby “improving outcomes for [its] consumers” (The Daily Telegraph, 08.04.2022). In his foreword to the strategy, the FCA Chief Executive Nikhil Rathi said, “we are now focusing on results rather than being driven by processes” and added, as per his introductory message: “prioritisation is inevitable” in line with FCA’s broad and growing remit (Source: Latham Watkins)

The FCA has defined four “consistent top-line themes” that cut across both consumers and wholesale markets. They are as follows:

The FCA’s Strategy Document also introduces three key commitments as its area of focus.

How the fca intends to deliver on these commitments.

In keeping with the FCA’s shift towards an outcomes-based focus through cross-sector responses, its Business Plan includes common regulatory tools and activities to cross each of the above three commitments, which are:

Authorisation of firms and individuals
Setting rules and standards
Supporting competition and innovation
Empowering consumers and firms
Recognising and reducing harm
Taking quick and effective action

Crucial activities over the next 12 months

Strengthening the UK’s Position in Global Wholesale Markets

The FCA wants to develop a metric to measure market participants’ views on its effectiveness in order to maintain the UK’s position as one of the world’s leading financial markets; not only because of its encouragement of innovation and “appropriately evolving” ability to address new opportunities and risks, but also, because its regulatory framework is proportionate in terms of speed and cost.

The FCA’s activities over the next 12 months will include:

enhancing its capacity to approve listed issuers onto UK capital markets and starting the transfer of the regulatory framework from legislation into FCA rules through HM Treasury’s Future Regulatory Framework
updating the wholesale markets regulatory framework working with Treasury on the review and development of the overseas firms’ regime
supporting innovation through a flexible regulatory approach, including the launch of the financial market infrastructure (FMI) sandbox

Market Abuse

will set out to improve its perceived effectiveness in promoting market integrity and increase the number of interventions for failure of publicly traded issuers to disclose properly
will strive to find the best way to measure market abuse/misconduct enforcement cases and outcomes
plans to provide guidance through Technical Notes in 2022/23 (which are consulted on through the Primary Markets Bulletin publications)
plans to deliver the Market Surveillance Refresh project (allowing efficiency improvements in FCA alerting/enquiry analytic tools) and the Markets Data Processor refresh project (delivering market data to the FCA’s alerting and analytic tools)
intends to increase its detection capability

Operational Resilience and Disruptions

The FCA wants to ensure that important business services provided by firms are resilient to operational disruption. During 2022/23, it plans to ensure that the authorisation process takes into consideration how firms subject to the Operational Resilience Policy have ensured they meet the expectations of the policy.
Plans are under way for the launch of a new oversight regime to test and monitor Operational Resilience. A Discussion Paper is planned with the Bank of England and the PRA on the uses of Critical Third Parties (CTPs) which proposes introduction of resilience standards to be met as well as a testing methodology and enforcement powers of CTPs in the event of a firm’s failures. Responses to the Discussion Paper later in 2022 will inform the consultation which is expected to take place in 2023.
From 31 March 2022 to 31 March 2025, the FCA will assess the capability of firms to remain within their impact tolerances so that by 31 March 2025, they can demonstrate that they are meeting these requirements.

The challenges facing FCA’s internal transformation

The FCA has made it clear there needs to be significant investment in its own technology, infrastructure and data analysis to enable it to fulfil its ambition as a data-led regulator. Several its outcome measures depend on the FCA being able to deliver this transformation agenda and also significant investment. The Business Plan sets out four key areas of focus for its internal transformation:

Investing in the development of analytical tools, leveraging its new cloud-based data infrastructure and exploring the use of machine learning and AI to identify risks at firms. A data strategy on this to be published later this year
Streamlining Regulatory decisions to increase the range of cases the executive can decide without referral to the Regulatory Decisions Committee
Making the FCA more diverse, with a target of 50% of its senior leadership identifying as female and 20% as ethnic minorities by 2025
Developing a national location strategy with a Leeds office of c.100 staff and a doubling of the Edinburgh office to c.200 staff

The budget set aside for transformation is modest, raising questions on how much can be achieved given such an ambitious programme to become a data-led regulator. The last two years of reports and accounts for the FCA show a spend of about 60% on people and about 13% on technology. The 2022/23 Business Plan sets out a budgetary increase of 7.3% which is only inflationary and does not reflect changes to new FCA responsibilities or changes to national insurance contributions. Equally, there’s no mention this year of the FCA’s 2021/22 commitment to be more aggressive in testing the limits of its powers – which at the time did not seem to give rise to any discernible differences in practice.

As a further part of ongoing reforms and changes, the FCA plans to bolster its enforcement division (by recruiting some 80 staff) to better police the markets with a focus on “shutting down” the problem firms that do not meet basic regulatory standards and in so doing, crack down on serious fraud in a bid to repair its “bruised reputation” (Telegraph).

What else is on the horizon?

There are three key FCA policy initiatives to watch out for:

Consumer Duty – a feedback statement covering the most recent consultation, along with final rules and guidance are due to be published during July 2022. The FCA expects firms to take steps to implement these over the course of the year and for this process to be completed by April 2023.

It is important to note that the Consumer Duty is not merely a rehash of the Treating Customers Fairly initiative and it will be more attuned to the digital marketplace.

“Recent Discussion Papers by the CMA ‘Online Choice Architecture’ emphasises the importance of digital architecture in consumer protection and in driving effective competition, as well as highlighting some of the challenges” (source: BDO).

The Consumer Duty is to be embedded at each stage of the regulatory lifecycle (authorisation, supervision, and enforcement) and will become an “integral part” of the FCA’s regulatory approach. The regulator’s supervisory strategies will be amended to focus initially on the highest priority issues and portfolios and the FCA will continue to participate in the Financial Inclusion Policy Forum, working closely with the Government and other bodies to support consumer access to products and services under its consumer protection and competition objectives.

ESG – this area is developing quickly and outpacing the global regulatory thinking around it. The FCA published its ESG Strategy in November 2021, but there is still much room for development in this space and the FCA is engaged with industry and regulators domestically and internationally. The FCA wants to combat misleading marketing and disclosure around ESG-related products. For consumers, the focus will be on minimising the risks of misleading advertising relating to ‘green’ products. For markets, the focus is on improving the quality and quantity of climate and sustainability-related disclosures and promoting accurate market pricing to help with investor decision-making. The FCA hopes to develop metrics to measure the incidence of misleading marketing in ESG products and thus improve quality/quantity of available information.

Stakeholders have expressed a desire to see more active investor stewardship that positively influences companies’ sustainability strategies. The FCA will work with other regulators and industry leaders to develop indicators for the effectiveness of stewardship. In its Business Plan the FCA states that it intends to “embed consideration of ESG issues in how we authorise firms and individuals,” which seems to expand the ESG integration mind-set into the general authorisation process.

In terms of rules and standards, the FCA plans to continue delivering its thought leadership internationally through, for example, its role as cochair of the IOSCO Sustainable Finance Taskforce and the ongoing work on issuers’ sustainability disclosures. (Source: Latham Watkins).

The FCA will take monitoring and enforcement action “as needed” on how firms manage the impacts, risks, and opportunities arising from ESG issues, including how they ensure customers are treated fairly. The regulator states that it “will develop new interventions, as necessary.”

Given the previously noted 2022/23 plans for metric development (i.e. disclosure quality/quantity, misleading product marketing and the use of active investor stewardship for positive ESG outcomes), the scope for this intervention will be one of the ways in which the FCA aims to use emerging information.

Brexit – HM Treasury will be expecting the FCA to use its regulatory powers to help create a competitive advantage for the UK (London predominantly) as a global financial centre, whilst maintaining market cleanliness and standards.

Closing Thoughts

Considerable change lies ahead, as set out by HM Treasury in its proposed Future Regulatory Framework that will transfer greater powers to the FCA to set rules and regulate in a way that is tailored to the needs of UK firms, markets, and consumers. The FCA will work with the Treasury to design and deliver the new regulatory framework, which supports all of the regulator’s desired outcomes. The FCA intends to measure its success by how effectively it responds to changes in its remit and accountability arrangements, as well as how it embeds firms facing requirements from legislation into FCA rules.

The FCA acknowledges that it has published its Business Plan 2022/23 at a time when the “external environment is changing rapidly”, referring to the risks associated with the uncertainty around existing low levels of financial resilience, rising costs and the spectre of Covid — all of which is set against a backdrop of rising inflation and interest rates and major geopolitical uncertainty. The impact on consumers and firms is expected to be felt over the coming year and beyond. With this in mind, the FCA emphasises that it will monitor emerging issues and “adapt our plans where necessary.”

The FCA’s desire to be a more innovative, assertive and adaptive regulator and to “continuously improve for the benefit of our stakeholders and, respond swiftly to economic and geopolitical developments” [Nikhil Rathi] follows hard on the heels of Dame Elizabeth Gloster’s deep criticism for regulatory failings in ensuring consumer protection when Neil Woodford’s investment firm hit trouble – swiftly followed by the collapse of London Capital & Finance (LCF) in 2019. In her report (published in December 2021) she stated that the “FCA missed at least 6 red flags”.

Simon Morris – Partner at City Law firm CMS remains optimistic as regards to Nikhil Rathi’s plan to put the FCA firmly on the front foot stating that the UK’s leaving the EU offers the FCA “unprecedented scope to change the day-to-day rules that businesses must follow.” However, the FCA is believed to be in the midst of real crisis over its high staff turnover and staff-revolt over pay reforms which could yet lead to strike action and derail its best-laid plans. We shall see.

Source: Article “The FCA’s Strategy 2022/2025 and Business Plan 2022/23” was written by The ZISHI Cornerstone experts, and published in the Advice Matters Magazine | 2022 | Vol 03 | Edition 02

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UK FCA Business Plan 2023/24: Prioritising ‘critical commitments’ in uncertain times

UK FCA Business Plan 2023/24: Prioritising ‘critical commitments’ in uncertain times

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With the economic and geopolitical environment likely to remain ‘highly uncertain’, the FCA’s latest Business Plan reflects its decision to accelerate work in four areas over the next year: putting consumers’ needs first; preparing financial services for the future; strengthening the UK’s position in global wholesale markets; and reducing and preventing financial crime. It will come as no surprise that the Consumer Duty is a particular feature of the Business Plan. Planned FCA activities include targeted multi-firm work to ‘identify, assertively supervise and effectively enforce against activities which undermine effective competition and good consumer outcomes’. On financial crime, the FCA looks to increase the volume of its proactive assessments of firms’ AML systems and controls. More broadly, the FCA acknowledges that implementation of the Future Regulatory Framework review is a ‘very significant programme of work’ with a ‘demanding timetable’ for all stakeholders.

Economic and geopolitical challenges ahead

An agile strategy flexing to respond to challenges and opportunities.

The four most critical commitments for 2023/24
The wider regulatory programme
Annual fees consultation
FCA headcount

The Business Plan sets out how the FCA will deliver the second year of its 2022-25 Strategy , which contains three themes where it is strengthening its focus and 13 commitments to support these themes. For more on the FCA’s Strategy, take a look at our Engage article from last year: ‘FCA Strategy and latest Business Plan move to issues and outcomes, not sectors, in changing world’

The themes are:

reducing and preventing serious harm;
setting and testing higher standards; and
promoting competition and positive change.

The Business Plan considers each of these themes in turn, with details of the FCA’s planned work against its commitments, including work already started. Details of the outcomes it wants to achieve are also provided. The FCA points out that these outcomes were set over a three-year time horizon in accordance with its Strategy and so will not change materially in this Year 2. Each commitment is linked to metrics to help measure progress and performance.

The FCA identifies the following key uncertainties in the economic and geopolitical environment over the year ahead:

interest rates and inflation;

the risk that unemployment increases more than currently projected;

potential for further declines in real household disposable incomes;

potential for further market volatility as a result of the war in Ukraine and events over recent weeks including the resolution of Silicon Valley Bank UK and interventions in relation to Credit Suisse.

While wholesale markets have recovered from the gilts markets volatility and the impact on pension funds in Autumn 2022, the FCA will remain alert to potential problems and be ready to act if necessary. It warns that participants in the wholesale markets may need to take action to manage heightened operational and market risks.

Regarding the cost of living crisis, the FCA points out that the new Consumer Duty which comes into force on 31 July will ‘play a key role’ in underpinning its work to make sure firms treat customers fairly, support those in difficulty and give them the information they need to make good decisions, including in relation to vulnerable consumers. Our Consumer Duty hub provides a number of useful resources to help firms with their implementation of the Duty.

The FCA emphasises that its Strategy is designed to be sufficiently agile to deal with and meet new challenges and opportunities in the dynamic markets that it regulates. With finite resources, it will keep prioritising its work to respond to these challenges. Examples of this approach are:

Cryptoassets: As proposed by HM Treasury (HMT), financial promotions relating to certain cryptoassets are being brought within the scope of FCA regulation. See our recent Engage article on this: ‘UK regulatory approach to cryptoassets: Draft SI amending the Financial Promotions Order’ . In preparation for the broader future regulatory regime for cryptoassets proposed by HMT in its February 2023 consultation, (further details contained in our Engage article: UK Cryptoassets: HMT consultation and call for evidence on a future financial services regulatory regime ) the FCA will be investing in additional skills to enable it to deliver on, and make changes to, the systems and procedures needed for the relevant firms, as well as the necessary changes to systems and procedures for the firms who fall within the scope of the HMT proposals. As of 3 April 2023, the FCA has registered 41 cryptoasset firms under anti-money laundering rules. Our Digital Assets and Blockchain Hub tracks legal and regulatory developments in the UK and many other jurisdictions, U.S. states and supranational organisations.
Buy-Now Pay-Later (BNPL): In 2023/24, following HMT’s proposed expansion of the FCA’s regulatory perimeter to include BNPL products, it will design and begin to implement its approach, including consultation and rulemaking and its plans for authorisation, supervision and enforcement. It will also continue to act to address harm to consumers in advance of regulation in this area, eg around financial promotions. For the latest on HMT’s BNPL work, see our Engage article: ‘Buy-Now Pay-Later: UK government consults on draft legislation’ .

The four most critical commitments for 2023/24

While the FCA will continue to deliver across all its commitments at a similar pace to Year 1 of its Strategy, in light of the economic and geopolitical challenges outlined above it has decided – where additional resources are available - to invest even further in four of its most critical commitments over the coming year:

Preparing financial services for the future

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Introduction

Table of contents

The UK's Financial Regulator

Understanding the Financial Conduct Authority

Objective #1

Objective #2

Objective #3

THE FCA'S REMIT

Banks and building societies

UNRAVELLING THE BUSINESS PLAN

KEEPING IN LINE WITH THE FCA

PLANNING FOR THE FUTURE

Focus 1: Reducing and preventing serious harm​

MEASURING REGULATORY SUCCESS

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FCA affirms priorities in latest Business Plan

In this article

What does this mean?

What do firms need to do?

The FCA’s Strategy 2022/2025 and Business Plan 2022/23

Business Plan 2022/23 – FCA’s programme of work for the coming year

The 2022 / 2025 Strategy? Results, not process

The FCA’s Strategy Document also introduces three key commitments as its area of focus.

Crucial activities over the next 12 months

The challenges facing FCA’s internal transformation

What else is on the horizon?

Closing Thoughts

Increasing Responsibilities for HR in Financial Services

Managing T&C in a Hybrid World

Your Culture and the New Consumer Duty

CISI Chartered Wealth Manager

Better Board Reporting

Effective Report Writing

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Intellectual Property

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UK FCA Business Plan 2023/24: Prioritising ‘critical commitments’ in uncertain times

Economic and geopolitical challenges ahead

The four most critical commitments for 2023/24

Preparing financial services for the future

IMAGES

VIDEO

COMMENTS

Focus 1: Reducing and preventing serious harm