On April 7, 2022, the UK Financial Conduct Authority (“FCA”) published its Business plan 2022/23 (“Business Plan”), as well as its Strategy for 2022 to 2025 (“Strategy”). The strategy sets out FCA’s vision and objectives for the next three years, as well as the key results it expects from financial services and the key strategic areas it will focus on. The business plan outlines FCA’s program for this year to achieve the objectives of the three-year strategy. It provides an overview of the main areas FCA will focus on over the next 12 months to achieve these goals, as well as how FCA will monitor progress and it also provides examples of its efforts.
The business plan details the work FCA will do this year under each of the strategy’s commitments. FCA has grouped its commitments into three areas:
- Reduce and prevent serious harm
The FCA will focus on protecting consumers from harm licensed businesses can cause, including tackling fraud and mistreatment of customers.
- Set and test higher standards
The FCA will focus on the impact that the actions of authorized companies have on consumers and markets. The FCA expects all companies it regulates to adopt the same high standards and adopt an open and cooperative approach.
- Promote competition and positive change
The FCA wants to use competition as a force for better results for consumers and the market. The FCA will support growth and innovation in the UK in the service of British society, underpinned by widely recognized and respected high standards.
The FCA noted that the business plan is being released at a time when the external environment is rapidly changing. The longer term impact of Covid remains uncertain. Low levels of financial resilience and rising costs mean that many people are at risk of serious financial problems. And this in a context of rising inflation and interest rates and major geopolitical uncertainty. The impact of these factors will be felt by consumers and businesses over the coming year and beyond. FCA will continue to monitor emerging issues and adapt its plans as necessary.
FCA publishes its business plan for 2022/2023 and its strategy for the coming years
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