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Financial Services analysis: Robert Finney, a partner in the regulatory practice at Holman Fenwick Willan, reviews the Financial Conduct Authority’s (FCA’s) Business Plan 2014/15 and points out that the combination of a number of the initiatives could threaten the profitability or even viability of many firms, but also creates opportunities, particularly for those whose house is already in order.
Policy Paper: Business plan—FCA, LNB News 31/03/2014 75
New activities to be undertaken by the FCA during 2014/15 include the integration of consumer credit, when it takes over responsibility for this from the Office of Fair Trading (OFT) on 1 April 2014, which will affect around 50,000 consumer credit firms, and working with the Prudential Regulation Authority to implement the measures set out in the Financial Services (Banking Reform) Act 2013 on the recommendations of the Parliamentary Commission on Banking Standards. The FCA has published its Business Plan setting out the activities it intends to carry out in 2014/15 to protect consumers, enhance market integrity and promote competition.
What are they key points in the FCA’s Business Plan 2014/15?
I see the big themes in the FCA’s 2014/15 Business Plan as the following:
Cultural change—across the financial services industry, not at the regulator
The FCA’s drive to change culture across the financial services community, to ensure clients’ interests are paramount, will manifest itself in much of the FCA’s work, in authorisations, supervision and, as we are already seeing, in enforcement.
New regulation and regulatory responsibilities
A big part of the FCA’s work will continue to be EU regulation. Before the European Market Infrastructure Regulation (EU) 648/2012 (EMIR) and the Alternative Investment Fund Managers Directive 2011/61/EU (AIFMD) are fully effective, the Markets in Financial Instrument Directive 2004/39/EC (MiFID II) and Market Abuse Directive 2003/6/EC (MAD II) packages and a host of other EU initiatives listed in Annex 2 to the Business Plan. MiFID II will have a massive impact in the investment world, and in the commodities trading, but the impact of
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