RWA 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. Processes and procedures in some firms do not consider how vulnerable customers should be treated. Here are some of the main issues, listed by sector: The FCA has identified the following issues which impact consumer vulnerability and access to financial services: Vulnerability and access are a challenge in any consumer market, but particularly so in the context of financial services partly because of the long-term nature of commitments and the complexity of products and information, but also because vulnerability covers a range of situations and can occur to consumers at any point in their lifetime. In a sense, what the FCA is seeking to do here is to lead by example: Transparency – the FCA aims to increase transparency around when and how regulatory judgements are made, as well as around the benefits and costs of regulation.

The FCA plans to conduct a market study on the wholesale insurance market and will consider how effectively competition is working for customers. This is the first Business Plan since Andrew Bailey became the CEO and he has stamped his mark on the document both in terms of size it is twice as big as the last one and content it contains more detailed analysis of cross sector and individual sector risks. It goes without saying that firms need to ensure that they digest the detail within the Business Plan in order to understand where the FCA is planning to focus its attention. The FCA seeks to use technology to help firms meet and understand their regulatory obligations RegTech , without stifling innovation and impeding effective competition. The FCA has identified the following issues which impact consumer vulnerability and access to financial services:.

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

It is imperative that firms assess how effective they are in these areas now, to ensure that they are not the subject of potential regulatory action if they are included in the thematic review. Processes and 2017//18 in some firms do not consider how vulnerable customers should be treated. This analysis should be disseminated to relevant committees, and up to board level. The FCA has been relatively prescriptive in relation to the outcomes it is seeking for each of the sectors it supervises.


Some firms do not appropriately recognise when consumers become vulnerable. Insurance BrokersInsurance Compliance. This document and any information accessed through links in this document is provided for information purposes only and does not constitute legal advice.

fca business plan 2017/18 ey

Under this study the FCA will review whether current market practices are giving rise to integrity and conduct risks. The FCA says it is working closely with HM Treasury and the Bank of England to ensure a smooth transfer of European Union rules into the businesa framework and that the regulatory framework continues to operate without interruption following withdrawal. Remit – the FCA is clear that decisions should be made within its regulatory remit and the FCA should be clear where an issue falls outside its remitcovering its core jurisdiction of the activities for which firms need authorisation as set out of the Regulated Activities Order.

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The FCA’s Business Plan / Key themes – Allen & Overy: Investigations Insight Blog

These seven sectors are: To read our privacy statement, click here. If we are, what management information could we use to demonstrate this? 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.

There is a continued emphasis on the retail sector, with the FCA businness to pensions and the retirement income sector amongst the areas for particular focus. The FCA makes clear that it will use bisiness enforcement powers against firms with poor anti-money laundering controls and, although it fcaa the FCA will generally use its civil powersit also trails the possibility of using its criminal powers to prosecute firms or individuals for particularly serious or repeated failings.

The FCA is also planning to look at how the use of Big Data is affecting pricing practices in a limited number of retail general insurance firms. It will also continue to focus on Project Innovate and the Regulatory Sandbox, and strengthen its ties with the FinTech community to ensure consumers benefit from this et.


The FCA also says that there are 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. Investigations insight About the blog About the team Contact us.

In addition, the FCA published its Mission for Last but not least…Brexit. The FCA has confirmed it intends to continue to embed the Senior Managers and Certification Regime into its supervisory approach and processes.

fca business plan 2017/18 ey

No dates bsuiness 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. Your email address will not be published.

Key themes 20 April – Post by: View all training materials. Leave a comment Cancel reply Your email address will not be published. The undertaking of work to address the issue plsn de-risking, reported on in May GDPR and contracts View all training materials.

Overview of the FCA Business Plan for 2017/2018 and Mission for 2017

Firms need to consider the thematic reviews announced in the Business Plan; some of which are not scheduled to start until Here are some of the main issues, listed by sector:. In it the FCA has sought to elaborate how it intends to achieve its statutory objective and in particular it has focused on delivering public value through improving how financial markets operate to benefit individuals, businesss and the UK economy.

Technological change and resilience The FCA sees itself as having a key role businews play in ensuring that new technologies are safely adopted.

fca business plan 2017/18 ey

In order to respond to the issues that it has identified, the FCA has identified the following key planned activities: