Author: AxiomHQ – axiomhq.com
It’s that time again!
This year the FCA has issued its Strategy Document for the next three years to accompany its Business plan for 2022-23. This will be followed shortly by publication of its Data Strategy.
Last year the FCA focused on becoming “more innovative, more assertive, more adaptive”. This year we see the FCA keen to act “efficiently, effectively and consistently”.
That’s not to say that last year’s message is to be forgotten. On the contrary, both the FCA’s Strategy and Business Plan indicate the FCA’s willingness to prevent harmful firms from entering the market and to remove any that consistently flout the rules.
What we will see is a shift away from processes to the FCA becoming more results driven. The FCA has identified 6 core activities to be measured against FCA’s newly proposed 13 commitments. It doesn’t stop there. Each of these 13 commitments has an intended outcome for both the FCA and the industry.
In short, the FCA has set out its stall for the next 12 months very clearly and regulated firms need to take note. The next 12 months sees the FCA be more assertive.
FCA’s core activities:
Internally, the FCA will focus on 6 core regulatory activities that represent the end-to-end regulatory journey.
Each of the core activities will be measured against how well that activity enables the FCA to meet its 13 outcomes. These are in turn aligned with its 3 key priorities.
The FCA’s 3 key priorities for 2022/23 are aligned to its Strategy:
- Reducing and preventing serious harm
- Setting and testing higher standards
- Promoting competition and positive change
Under each of these priorities, the FCA has indicated 13 commitments. Their purpose is to create conditions that enable firms to meet 13 corresponding outcomes.
The FCA intends to measure both its own and the industry’s performance against these 13 outcomes. How well will your firm perform?
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