FCA has published its business plan for 2016/17. It identifies seven priorities for FCA in the year ahead:
- financial crime and anti-money laundering;
- wholesale financial markets;
- innovation and technology;
- firms’ culture and governance; and
- treatment of existing customers.
Key activities FCA intends to undertake include:
- launching a market study looking at retirement outcomes;
- implementing the recommendations of the Financial Advice Market Review;
- developing a policy to extend the Senior Managers and Certification Regime to all FSMA firms;
- supervising the major UK Fixed Income, Currency and Commodities benchmarks; and
- launching the “Regulatory Sandbox” to give firms a safe space to test innovative products and services.
FCA has also launched a consultation on the proposed rates for its 2016/17 fees and levies. FCA’s annual funding requirement for the year will be £519.3 million. This represents an increase of 7.8% on the previous year needed to cover operating costs, which now include consumer credit. (Source: FCA publishes business plan for 2016/17 and FCA fees and levies consultation)