The Business Plan also identifies certain sector specific priorities. The FCA plans to consult on the extended regime later this year and implement the extended regime in The FCA will also increase its engagement with individual firms and the wider industry in scenario-testing to imitate major operational disruptions such as outages of key systems and cyber attacks, as well as working with firms when they occur in real life. If we are, what management information could we use to demonstrate this? This would mark a radical departure from past enforcement, as the FCA has not previously prosecuted breaches of the Money Laundering Regulations They explain how and why we regulate financial conduct in the UK and what we want our regulation to achieve, our view of the issues and challenges in the sectors we regulate, our plan and priorities for the period ahead

Pressure mounting for new failure to prevent economic crime corporate criminal offence – aoinvestigationsinsight. Your email address will not be published. Wholesale financial markets Retail lending Investment management General insurance and protection Pensions and retirement income Retail banking, and Retail investments. The FCA says it is keen to expand its role in supporting technological innovation more directly. With regards to the General Insurance Sector, set out on pages we see the FCA focusing on the following key areas:.

The FCA Business Plan /18

However, there will be no changes to the FCA Handbook until the Brexit negotiations are further progressed. Businexs Mission states that further detail on specific regulatory functions – Authorisations, Supervision and Enforcement – will follow in the coming year.

In order to respond to the issues that it has identified, the FCA has identified the following key planned activities: The Business Plan states that further improvements need to be made in competition and the basic standards afforded to consumers and, in particular, the FCA has identified the following issues:.

For general insurance and protection the FCA has announced that it will shift its focus away from consumers and SME markets and towards market structures, incentives and distribution. To learn more about cookies, how we use them on our site and how fa change your cookie settings please view our cookie policy. No dates have been given for when the FCA will undertake these various activities but we will keep you up to date with developments as soon as we learn of them.


United Kingdom (and EU regulation)

There is a continued emphasis on the retail sector, with the FCA pointing to pensions and the retirement income sector amongst the areas for particular focus. View all plam podcasts. The FCA plans to publish a paper setting out its approach to competition in advance of its next business planning round. To read our privacy statement, click here.

Bueiness that firms take a proportionate and effective response to de-risking. This analysis should be disseminated to relevant committees, and up to board level.

Consumers remain a high priority for the FCA. Other planned FCA activities within the scope of this priority include a focus on: Unsubscribe from the blog You can unsubscribe at any time by emailing us here. It will 20117/18 current and previous research on consumer needs, attitudes and behaviour, as well as draw on external evidence and will present an overarching FCA strategy for addressing the needs of UK consumers as well as a baseline for reviewing progress and measuring change.

fca business plan 2017/18 ey

Are we confident that we are meeting regulatory expectations in these areas? Insurance BrokersInsurance Compliance. Processes and procedures in some firms do not consider how vulnerable customers should be treated.

Lpan Compliance Services Ltd takes your privacy very seriously and will only use your personal information to administer your account and to provide the products and services you have requested from us. Societal and technological changes have increased the scope and sophistication of financial services. How are we planning to respond to potential thematic reviews in light of the announcements within the Business Plan?


Key points from the business plan The FCA has highlighted six cross-sector risks: The FCA also says that there buxiness further improvements to be made in respect of existing customers, in terms of enhancing competition and the basic standards afforded to consumers, which it considers should be addressed on a sector basis.

How should businesses prepare for GDPR? If you have any questions about this blog post please contact Investigations.

The FCA’s / 18 business plan | Huntswood CTC Limited

While the FCA will generally use its civil powers, it has indicated that it may resort to criminal prosecution in respect of AML failings that are particularly serious or repeated. He has a particular interest in Financial Crime and the protecting the insurance broker.

Promoting competition and innovation. The FCA will also increase its engagement with individual firms and the wider industry in scenario-testing to imitate major operational disruptions such as outages of key systems and cyber attacks, as well as working with firms when they occur in real life.

The continued focus on scams and those engaged in unauthorised business through civil court action, coordination with other agencies and prevention. Treatment of existing customers While part of an ongoing theme from the FCA, the Business Plan nevertheless makes it clear that the FCA aims to ensure that existing customers do not receive less attention than new customers.

fca business plan 2017/18 ey

The publication of a report on the use of technology to make AML processes more efficient. The FCA is working on a report on how new technology can make anti-money laundering processes more efficient and less onerous for firms and consumers.