FCA has published its business plan for 2016/17. It identifies seven priorities for FCA in the year ahead:

  • pensions;
  • financial crime and anti-money laundering;
  • wholesale financial markets;
  • advice;
  • 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)