Since our last publication, the FCA has published its Business Plan for 2018/19 and a discussion paper evaluating the impact of its interventions

UK

FCA publishes annual Business Plan 2018/19

The Financial Conduct Authority (FCA) has published its annual Business Plan. Priority areas include:

  • Firm's culture and governance, which should drive behaviours and produce outcomes likely to benefit consumers and markets.
  • High-cost credit, building on the significant impact already made in the market.
  • Tackling financial crime, including fraud, scams and anti-money laundering (AML), to make the UK financial services sector a hostile place for criminals and a safe place for consumers.
  • Data security, resilience and outsourcing, as technology plays a pivotal role in delivering financial products and services.
  • Innovation, Big Data, technology and competition, which are driving change in markets.
  • The treatment of existing customers, to ensure they do not get less attention or receive poorer outcomes than new customers.
  • Long-term savings and pensions and intergenerational differences, which reflects the changing UK population and their financial needs.

The FCA has also published a consultation paper (CP18/10) on regulated fee and levy rate proposals for 2018/19.

FCA, 9 April 2018

 

FCA discussion paper on evaluating impact of its interventions

The FCA has published a discussion paper on its evaluation of the impact its interventions have had on consumers, firms and markets (DP18/3), focussing on the evaluation component of the framework established in Chapter 5 of the FCA's mission 2017.

DP18/3 outlines:

  • Why the FCA does ex post impact evaluation.
  • How the FCA chooses specific interventions to study.
  • How the FCA ensures that its evaluations are robust, impartial and credible.
  • The key challenges in undertaking ex post impact evaluation.

DP18/3 contains examples of previous impact evaluation work by the FCA (and the FSA before it).

The evaluations will focus initially on discrete interventions regarding rules and guidance, remedies from market studies and market-wide recommendations stemming from thematic reviews. Specific firm interventions and regulatory activities (such as authorisations or enforcement) are not currently in scope.

DP18/3 includes specific questions for consultation and invites technical feedback about the opportunities for and limitations of this type of analysis and views on the FCA's approach. The paper closes to responses on 9 July 2018.

FCA, 9 April 2018.

 

FCA warning to firms that fail to meet insurance renewal rules

The FCA has published a press release to warn general insurance companies that if they do not implement the rules, which came into force on 1 April 2017, they will take action. The rules were implemented with the aim of increasing transparency and encouraging shopping around at renewal time.

FCA, 3 April 2018

 

First digital mortgage deed entered in Land Register

HM Land Registry has announced the entering of the first digital mortgage deed into the Land Register by Coventry Building Society and Enact Conveyancing. This registration comes as part of HM Land Registry’s plans to transform the conveyancing market through quicker and simpler digital services and improved use of technology, making transactions quicker and simplifying the home buying process.

HM Land Registry, 5 April 2018

 

FCA launches further PPI claims and campaign

The Financial Conduct Authority (FCA) is launching a further advertising campaign to raise awareness of the 29 August 2019 deadline to make payment protection insurance (PPI) claims. The new adverts, featuring the animatronic head of Arnold Schwarzenegger, will run on radio, social media, video on demand and outdoor advertising, including bus stops. They will run alongside some of the existing adverts which first appeared in August 2017.

FCA, 4 April 2018