If you run a business in the UK’s financial services industry, you certainly understand what the FCA business plan stands for. In case you don’t know, the recent 2023/25 business plan is created to set out the FCA’s work plan for each of its strategic priorities to show commitment toward the delivery of the FCA’s strategies.
In the rest of this FCA services-related post, you’ll discover:
- How the Financial Conduct Authority (FCA) plans to deliver its strategies for 2023/2024.
- Top 3 areas in which the FCA plans to address
How exactly does the FCA plan to deliver its 2023/2025 strategies?
The latest FCA business plan, released in April 2023, is specifically designed to reveal the agency’s priorities to deliver its strategy for 2023/2025. This strategy aims to establish the UK Financial Conduct Authority’s intention to act more assertively and deliver the best results.
In this business plan, FCA reveals a few things on its commitment list:
- First, the Financial Conduct Authority says its strategy is to prepare financial services for the future.
- The agency also speaks on its commitment to prioritizing customers’ needs.
- The 2023 FCA business planalso reveals the agency’s commitment to lower and prevent financial crime.
- FCA also looks forward to strengthening the United Kingdom’s global wholesale market position.
- The business plan also targets how the agency is going to deal with problem companies.
- The FCA also shows commitment to improving the redress framework and lowering the effect of the firm’s failure.
- This business plan also targets how to improve oversight of theappointed representatives of FCA.
- The FCA business plan also shows the agency’s commitment to providing assertive action regarding market abuse
- FCA’s plan also includes how to make consumers help themselves.
- The business plan also notes the FCA’s plan to lower the effect of operational disruptions.
3 Key areas the FCA plans to target
Below are a few key areas the FCA looks forward to focusing its strategy on in 2023/2025:
1. Consumer duty
According to the recent FCA business plan, the agency has promised not to joke about Consumer Duty in 2023/2025. In case you don’t know, the FCA’s Consumer Duty, which specifically targets firms with live products & services, will be effective starting from July 31, 2023.
This fast-approaching duty aims to deliver advanced and clearer standards of consumer protection across the UK’s financial services industry. It’ll force businesses to put their customers first in their operations.
2. Improvement of redress framework
The FCA’s 2023/2025 strategy also targets the agency’s commitment to improving the redress framework. According to the Financial Conduct Authority, the agency plans to help more consumers “achieve redress from companies that owe them money.” This will be possible through the FCA’s measures, which are clearly outlined in the Consumer Investment strategy. These measures will focus on how to better prevent systemic harm.
3. Oversight of AR
The oversight of the appointed representatives (FCA) is another key area that the latest business plan will focus on. The agency reveals its commitment to tightening its supervision in the AR space. This process aims to lower consumers’ risk of getting misled.