Analysing early responses to the Financial Crime Annual Data Return that was rolled-out last year to ensure it is focusing its supervision on the right firms see our summary of this development here. Vulnerability and access are a challenge in any consumer market, but particularly so in the context of financial services partly because of the long-term nature of commitments and the complexity of products and information, but also because vulnerability covers a range of situations and can occur to consumers at any point in their lifetime. The FCA says it is keen to expand its role in supporting technological innovation more directly. 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 Mission states that further detail on specific regulatory functions – Authorisations, Supervision and Enforcement – will follow in the coming year.
Firms should pay close attention to both the cross sector and individual sector risks that apply to their firms. Last but not least…Brexit. The FCA seeks to use technology to help firms meet and understand their regulatory obligations RegTech , without stifling innovation and impeding effective competition. In developing regulation, the FCA seeks to strike a balance between the restrictions imposed by regulation and encouraging innovation in the financial services sector. Professional legal advice should be obtained before taking or refraining from any action as a result of the contents of this document.
United Kingdom (and EU regulation)
While the FCA will generally use its civil powers, it has indicated that it may resort to criminal prosecution in respect of AML failings that buiness particularly serious or repeated.
Here are some of the main issues, listed by sector: Clearly, in order to tackle these issues, the FCA itself needs to keep pace with developments in technology and has said busineds it intends to take steps to enhance its own capabilities to do so.
The timeframe sets out a consultation period on the accountability regime for all FSMA firms inin preparation for the implementation of the regime from The Mission states that further detail on specific regulatory functions – Authorisations, Supervision and Enforcement – will follow in the coming year. Central to how the FCA proposes to deliver public value is promoting trust between users and providers of services and 217/18 how markets evolve and operate to serve the public, business and the economy better.
View all training materials. 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.
Promoting competition and innovation. The key message arising from the Mission is delivering public value. Read comments below or add a comment.
If you would like to discuss any of the above areas in more detail, please contact a member of the RWA team. He has a particular interest in Financial Crime and the protecting the insurance broker. It is imperative that firms assess how effective they are in these areas now, to ensure that they are not the subject of potential regulatory action if they are included in the thematic review.
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 bysiness markets operate to benefit individuals, businesses and the UK economy.
Overview of the FCA Business Plan for / and Mission for
Referring cases to other law enforcement agencies where the FCA has identified suspected money laundering. Firms need to consider the thematic reviews announced in the Business Plan; some of which are not scheduled to start until Key questions firms should consider include: London 23 May The FCA sees itself as having a key bussiness to play in ensuring that new technologies are safely adopted.
The use of enforcement powers against firms with poor AML controls. View all video podcasts. Wholesale financial markets Retail lending Investment management General insurance and protection Pensions and retirement income Retail banking, and Retail investments.
The FCA’s / 18 business plan | Huntswood CTC Limited
No dates have been given for when the FCA will undertake these various activities but we will keep you up to date with developments as soon as we learn of them. To be able to do this, more information is needed about who might be vulnerable within markets.
The FCA says it is keen to expand its role in supporting technological innovation more directly. It will consolidate current and previous research on consumer needs, attitudes and behaviour, as well as draw on external evidence and will present an overarching FCA strategy for addressing the needs of UK consumers as well as a baseline for reviewing progress and measuring change.
Transparency – the FCA aims to increase transparency around when and how regulatory judgements are made, as well as around the benefits and costs of regulation.
Overview of the FCA Business Plan for 2017/2018 and Mission for 2017
The FCA plans to conduct a market study on the wholesale insurance ppan and will consider how effectively competition is working for customers. With regards to the General Insurance Sector, set out on pages we see the FCA focusing on the following key areas:.
Vulnerability and access are a challenge in any consumer market, but particularly so in the context of financial services partly because of the long-term nature of commitments and the complexity of products and information, but also because vulnerability covers a range of situations and can occur to consumers at any point in their lifetime.
The ‘First name’ field is required. These seven sectors are:. Their critical importance also affects consumers who are less capable of understanding these services and those who are or may be vulnerable.
If you have any questions about this blog post please contact Investigations.