A Summary of the FCA’s Business Plan- Things to Know

Published on August 27, 2021 by Manish Mohan Raj

The UK Financial Conduct Authority (FCA) recently published its business plan for 2021/22 and annual report for 2020/21. In this blog, we summarise the key focus points.

The FCA issued 134 final notices (119 to firms and individuals trading as firms and 15 to individuals), secured 147 outcomes using its enforcement powers (144 regulatory/civil and 3 criminal) and imposed 10 financial penalties totalling GBP189.8m.

Consumer priorities:

The FCA’s priorities are to cater to consumer primacy in the coming year and improve consumer outcomes through the new Consumer Duty. It aims to continue its efforts from last year, highlighting the following priorities:

FCA priorities across markets:

The FCA has outlined key focus areas on important cross-market issues. It also intends to work on its website and the Regulatory Initiatives Grid that provide information on the timing of further initiatives that may have a significant operational impact on firms.

Wholesale market priorities: The FCA continues to focus on market integrity, which would foster confidence, trust and the level of participation in wholesale markets and will be reflected in the effectiveness of the markets.

Acuity Knowledge Partners’ solution

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Originally published at https://www.acuitykp.com.

About the Author

Manish Mohan Raj, Assistant Director, is the delivery manager and subject matter expert for the forensic compliance practice. He has over 10 years of experience in the financial services industry. Prior to joining Acuity Knowledge Partners he worked as an associate with Goldman Sachs — GSAM Compliance. He was part of the global forensics team and was part of the marketing and portfolio management compliance team. Manish was also part of the controls management team for the asset & wealth management team at JP Morgan and was part of the HSBC KYC remediation team for multiple lines of business.

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We write about financial industry trends, the impact of regulatory changes and opinions on industry inflection points. https://www.acuitykp.com/