FCA BUSINESS PLAN 2017/18 EY

The publication of a report on the use of technology to make AML processes more efficient. Last but not least…Brexit. Unsubscribe from the blog You can unsubscribe at any time by emailing us here. Promoting competition and innovation The FCA says it is keen to expand its role in supporting technological innovation more directly. A key part of this trend is to require companies better to promote trust in business, engage with stakeholders and give greater weight to the fair treatment of customers.

To be able to do this, more information is needed about who might be vulnerable within markets. This analysis should be disseminated to relevant committees, and up to board level. Treatment of existing customers While part of an ongoing theme from the FCA, the Business Plan nevertheless makes it clear that the FCA aims to ensure that existing customers do not receive less attention than new customers. These seven sectors are: How should businesses prepare for GDPR?

The FCA states that it will conduct a cost benefit analysis wherever possible, although recognising that this can be difficult to quantify, particularly where intervention is in pursuit of intangible benefit such as enhancing trust. It will also continue to focus on Project Innovate and the Regulatory Sandbox, and strengthen its gusiness with the FinTech community to ensure consumers benefit from this innovation. Your email address will not be published. In a sense, what the FCA is seeking to do here is to lead by example: Key themes 20 April – Post by: Amsterdam 23 Fxa The FCA says it is working closely with HM Treasury and the Bank of England to ensure a smooth transfer of European Union rules into the domestic framework and that the regulatory framework busineds to operate without interruption following withdrawal.

The FCA’s / 18 business plan | Huntswood CTC Limited

Insurance BrokersInsurance Compliance. Our microsite on antitrust and white collar crime dawn raids sets out practical tips and updated information on the powers of officials to enter premises, access evidence and interview staff. Remit – the FCA is clear that decisions should be made within its regulatory remit and the FCA should be clear bsuiness an issue falls outside its remitcovering its core jurisdiction of the activities for which firms need authorisation as set out of the Regulated Activities Order.

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It goes without saying that firms need to ensure that they digest the detail within the Business Plan in order to understand where the FCA is planning to focus its attention.

fca business plan 2017/18 ey

Email sign-up Enter your email address to receive our latest blog posts by email. The FCA plans to publish a paper setting out its approach to competition in advance of its next business planning round.

Overview of the FCA Business Plan for / and Mission for

The FCA plans to consult buiness the extended regime later this year and implement the extended regime in Are we confident that we are meeting regulatory expectations in these areas? Societal and technological changes have increased the scope and sophistication of financial services. These seven sectors are: How should businesses prepare for GDPR? The FCA seeks to use technology to help firms meet and understand their regulatory obligations RegTechwithout stifling innovation and impeding effective competition.

fca business plan 2017/18 ey

Clearly, in order to tackle these issues, the FCA itself needs to keep pace with developments in technology and has said that it intends to take steps to cfa its own capabilities to do so. All posts Promoting competition and innovation The FCA says it is keen to expand its role in supporting technological innovation more directly.

The FCA has identified the following issues which impact consumer vulnerability and access to financial services:.

Overview of the FCA Business Plan for 2017/2018 and Mission for 2017

Measuring impact – once the FCA has identified actual or potential harm, it must consider its ability to solve the problem: In order to deal with these issues, the FCA promises a sector-focused approach concentrating on Retail banking, Retail lending, Pensions and the Insurance sector. This would mark a radical departure from past enforcement, as the FCA has not previously prosecuted breaches of the Money Laundering Regulations These seven sectors are:. About the author Terence Clark Terence has over 35 years’ experience in the Financial Services environment, covering general insurance, investments and mortgages.

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In it the FCA has sought to elaborate how it intends to achieve its statutory objective and in particular it has focused on delivering public value through improving how financial markets operate to benefit individuals, businesses and the UK economy.

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The FCA makes clear that it will use its enforcement powers against firms with poor anti-money laundering controls and, although it says the FCA will generally use its civil powersit also trails the possibility of using its criminal powers to prosecute firms or individuals for particularly serious or repeated plab.

The FCA wants to ensure that remuneration policies and practices promote the link between risk and individual reward, discourage excessive risk taking and short-termism, and encourage sound and effective risk management.

United Kingdom (and EU regulation)

Leave a comment Cancel reply Your email address will not be published. This includes reference to the critical role of boards in setting the tone from the top and improvements in culture and governance promoting public confidence that firms have the right people, in the right roles, working in the interests of consumers and markets.

The FCA emphasises that firms need to manage the risks of innovation to ensure it does not jeopardise consumer protection or the integrity of the financial system. The FCA has identified the following issues which impact consumer vulnerability and access to financial services: In addition, the FCA published its Mission for