TheFSA has published its Business Plan for 2008/9 which looks at the FSA’s priorities for the period 1 April 2008 to 31 March 2009. In response to the recent turbulent events in the financial markets the FSA will focus on supervisory practices and will review, with the Bank of England, its regulatory framework for liquidity. The FSA will also be working with HM Treasury and the Bank of England to improve the depositor protection regime and reform insolvency law for financial institutions.
The FSA will continue to focus on longstanding, deep-seated risks to its objectives with the area of greatest concern being the retail market. The Business Plan details the FSA's continuing commitment to the Treating Customers Fairly programme (TCF), the Retail Distribution Review (RDR) and the Financial Capability Programme. The FSA will also publish a report on firms' systems and controls for managing the risk of consumers' personal data being lost or stolen, with feedback to the industry on good practice and areas of improvement. Within the FSA’s enforcement division, the strategy is to achieve credible deterrence and to achieve this goal the FSA will seek to increase penalties. The Business Plan also sets out the budget which the FSA believes is necessary to deliver the work it intends to carry out in the next financial year.
View FSA Business Plan 2008/09, 6 February 2008