The Financial Conduct Authority (FCA) has published its business plan for 2018/19 setting out its key priorities which reflect on the work it has to do with Brexit, given the impact on its regulation and firms it regulates.
Alongside this work, the FCA will focus on seven cross sector priority areas, based on assessments of where there is the greatest harm or potential for harm, and where intervention can have the greatest impact.
Andrew Bailey, FCA Chief Executive, said: “The business plan is an important way in which we are transparent about our priorities for the year.
“We recognise that this year we need to dedicate a significant amount of resource to withdrawal from the EU.
“As a result, setting our priorities this year has involved a particularly rigorous level of scrutiny and challenge to focus on areas where we see the greatest potential for harm.”
The priority areas are high-cost credit and firms’ culture and governance which should drive behaviours and produce outcomes likely to benefit consumers and markets.
Other priorities are tackling financial crime, including fraud, scams and anti-money laundering as well as data security, resilience and outsourcing since technology plays a pivotal role in delivering financial products and services.
The FCA will focus on innovation, big data, technology and competition which are driving change in markets and long-term savings, pensions and intergenerational differences.
It will also prioritise the treatment of existing customers to ensure that they do not get less attention or receive poorer outcomes than new customers.
Alongside the business plan, the FCA is also publishing its annual fees consultation paper, sector views and a discussion Paper on its evaluation framework.