On 12 July 2016, the FCA published a number of annual reports for the financial year 2015/16. Of key interest are:
- The FCA annual report for 2015/16 - The report outlines some of the key pieces of work undertaken by the FCA in 2015/16, including the Credit Card Market Study which is one of the largest studies the FCA has undertaken, consultation on the new PPI rules for complaint handling as well as general work and pooled resources to ensure areas where the ‘risk to consumers is highest’ are tackled. The report also reiterates that the current UK-EU framework, will remain unchanged until the Government and Parliament introduce any alterations to it.
- The FCA competition report 2013/16 – This is the first report of its kind to be published by the FCA since it gained a competition objective in 2013 and its concurrent competition powers in 2015. The Competition Report summarises the FCA's work to promote competition over the last three years. It also explains how it identifies concerns and addresses issues. In the report, the FCA stated that it is embedding competition thinking across the wider policy, supervisory and enforcement work that it carries out. Two of the FCA’s main pieces of work in respect of competition in the market includes the Credit Card Market Study and the Mortgage Market Study. The Credit Card Study has recently been reported on, whereas the Mortgage Market Study is still in its early stages. The FCA’s wider competition activities include setting up the Innovation Hub and establishing, with the PRA, the New Bank Start-up Unit (NBSU), both of which are intended to improve competition in order to generate better outcomes for consumers.
- The FCA enforcement annual performance account for 2015/16 – This is the FCA's assessment of whether it is operating fairly and effectively in investigating suspected misconduct and in bringing criminal, civil and administrative proceedings where it is appropriate to do so. Among other things, the report summarises some of the key outcomes the FCA achieved during 2015/16. Chapters 14 and 15 of the report provide a statistical overview of the FCA's performance. Specific areas covered by the report include, among others, retail conduct, market abuse, confiscation orders, threshold conditions and senior managers regime. The FCA has confirmed it welcomes feedback on the report via email.