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FCA Business Plan 2016-17

CII Policy Briefing

The Financial Conduct Authority (FCA) published its plan setting out activities for the year. It included a summary of the organisation's role, an overall risk outlook, seven areas of particular focus this year, plus a list of additional key workstreams and ongoing activities.

FCA Business Plan - key areas for coming year:

  • Firms' culture and governance:strong culture and governance which helps competition and consumers alike;
  • Pensions:fair treatment for consumers, stronger competition and a market that meets consumer needs;
  • Financial advice:affordable, professional advice to meet consumers' changing and complex needs;
  • Innovation and technology:resilient systems and new sources of competition;
  • Treatment of existing customers:effective competition, a fair deal and greater transparency for long-standing customers;
  • Financial crime and Anti-Money Laundering:betterproportionate and more efficient AML controls and consumers who are better able to avoid scams;
  • Wholesale financial markets:strong controls to ensure clean, efficient and effective markets.

Particular areas of note to the CII and its members:

  • Delivering the Financial Advice Market Review:the FCA will work on implementing the recommendations throughout the year, as well as developing clear policies to support the development of the advice market. The FSCS Funding Review will also commence in April 2016.
  • Adviser professionalism:FCA supervisory focus will continue to be on supporting increased financial advice professionalism, and will increase communications with the sector and continue to assess advice suitability
  • Senior Managers and Certification Regime: developing a policy to extend this to all FSMA firms.

Pdf icon small View the attached briefing »

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