The FCA's Business Plan 2017/18 and Mission: A clearer path ahead?

The FCA's Business Plan 2017/18 and Mission: A clearer path ahead?

On 18 April, the FCA published several important documents which, overall, aim to provide greater clarity about how it operates and more transparency about its decision-making. Celyn Armstrong, partner and Katharine Harle, senior associate, at Dentons give their views on the key documents and important themes contained in the documents.

What are the key points to take away from the FCA's Mission and Business Plan 2017/2018?

  • poor cyber resilience is identified as the stand-out risk facing firms
  • the FCA is open about its willingness to take action against firms in relation to unregulated activities
  • governance and culture is a continuing priority, and the FCA will both assess the implementation of the Senior Managers and Certification Regime (SMCR) in banks and commence the roll-out of the SMCR to the rest of the regulated industry
  • astrategic review of retail banking business models will go beyond the Competition and Markets Authority (CMA) review and is likely to scrutinise the "free-if-in-credit" model
  • the FCA's work on Brexit is likely to impact on its other work, though the extent of any disruption is unclear

What are the key documents?

The FCA's Mission

The FCA's Mission gives more clarity about prioritisation of interventions in financial markets.

The product of an event and consultation which 184 firms and individuals participated in, the FCA's stated Mission is "to serve the public interest through the objectives given to it by Parliament".

The Mission document explains: how this will impact on the strategic decisions the FCA takes; the intervention framework behind those decisions; the rationale for its work; and how it chooses the right tools for the job.

In the words of the FCA Chief Executive Andrew Bailey:

"The Mission gives firms and consumers greater clarity about how and why we prioritise, protect and intervene in financial markets."

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About the author:
Prior to joining LexisNexis in 2016 as a paralegal, Lauren was an adjudicator at the Financial Ombudsman Service. There she resolved consumers’ complaints, and gained knowledge about a wide variety of financial products. Before this she studied Law at Nottingham Trent University.