FCA Publishes 2021/22 Business Plan

Proskauer Rose LLP

Proskauer Rose LLP

On 15 July 2021, the FCA published its latest Business Plan for 2021/22 which sets out the FCA’s key priorities and objectives for the year ahead. In its latest Business Plan, the FCA’s Chief Executive Nikhil Rathi highlighted the FCA’s commitment to being a forward-thinking and proactive regulator, which he noted would involve three distinct changes:

  • that the FCA will be more innovative;
  • that the FCA will be more assertive; and
  • that the FCA will be more adaptive.

The FCA’s commitment to such change is driven by a variety of factors, which include COVID-recovery, a response to Brexit, an increased focus on environmental and social issues in the financial sector and ever-advancing technology. With this in mind, the FCA details its key priorities separately in relation to:

  • protecting consumers and the effectiveness of consumer markets (including the new proposed Consumer Duty);
  • increasing the effectiveness of wholesale markets; and
  • focusing on issues which apply on a cross-market basis, including fraud, financial resilience, operational resilience, diversity and inclusion, supporting ESG issues and preventing “greenwashing”, as well as international co-operation.

Within the report, with these objectives and priorities in mind, the FCA details a number of proposals for reform – a clear indication that the FCA intends to be a forward-thinking, pro-active regulator. Firms should review the FCA’s Business Plan and consider their business practices in line with the FCA’s focus areas.

[View source.]

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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