FCA BUSINESS PLAN 2017/18 EY

The Business Plan states that further improvements need to be made in competition and the basic standards afforded to consumers and, in particular, the FCA has identified the following issues:. In order to respond to the issues that it has identified, the FCA has identified the following key planned activities:. The publication of a report on the use of technology to make AML processes more efficient. Pressure mounting for new failure to prevent economic crime corporate criminal offence – aoinvestigationsinsight. The Business Plan also identifies concerns about how the length of the distribution chain may erode the value of products and services. Additionally, the FCA has called out issues specifically aligned to the seven sectors it supervises.

To learn more about cookies, how we use them on our site and how to change your cookie settings please view our cookie policy. This includes reference to the critical role of boards in setting the tone from the top and improvements in culture and governance promoting public confidence that firms have the right people, in the right roles, working in the interests of consumers and markets. Please enter a valid Email address. Pressure mounting for new failure to prevent economic crime corporate criminal offence – aoinvestigationsinsight. In developing regulation, the FCA seeks to strike a balance between the restrictions imposed by regulation and encouraging innovation in the financial services sector. Analysing early responses to the Financial Crime Annual Data Return that was rolled-out last year to ensure it is focusing its supervision on the right firms see our summary of this development here.

fca business plan 2017/18 ey

Our microsite on antitrust and white collar crime 20177/18 raids sets out practical tips and updated information on the powers of officials to enter premises, access evidence and interview staff. Under this study the FCA will review whether current market practices are giving rise to integrity and conduct risks.

Referring cases to other law enforcement agencies where the FCA has identified suspected money laundering.

The FCA sees itself as having a key role to play in ensuring that new technologies are safely adopted. If you have any questions about this blog post please contact Investigations. The FCA has been relatively prescriptive in relation to the outcomes it is seeking for each of the sectors it supervises. By continuing to use this site without changing your settings you consent to our use of cookies in accordance with our cookies policy. Processes and procedures in some firms do not consider how vulnerable customers should be treated.

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The FCA wants to ensure that remuneration policies and practices promote the link between risk and individual plab, discourage excessive risk taking and short-termism, and encourage sound and effective risk management.

fca business plan 2017/18 ey

View all plxn materials. The FCA plans to conduct a market study on the wholesale insurance market and will consider how effectively competition is working for customers.

In the mortgage sector, for example, the FCA will be looking ej customers with long-term mortgage arrears, and at interest only mortgages approaching maturity. These seven sectors are: 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 businese afforded to consumers, which it considers should be addressed on a sector basis. 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.

United Kingdom (and EU regulation)

All posts Your email address will not be published. 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. Key questions firms should consider include: Regular business news and commentary delivered direct to your inbox each week.

The FCA makes clear that it will use its enforcement powers against firms with poor anti-money laundering controls and, although it says 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.

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Signing up to newsletter, please wait. This would mark a radical departure from past enforcement, as the FCA has not previously prosecuted breaches of the Money Laundering Regulations The Mission therefore explicitly states that the FCA will make judgements on whether the incentives and governance of both providers and individual employees are aligned with user interests.

The FCA Business Plan /18

Consumers remain a high priority for the FCA. The FCA will also continue to develop its policy on designing and implementing an extension of the accountability regime to all FSMA firms later this year, acknowledging that there can be no one size fits all approach.

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fca business plan 2017/18 ey

However, there will be no changes to the FCA Handbook until the Brexit negotiations are further progressed. Posted by Terence Clark 2017/81 28 Apr Professional legal advice should be obtained before taking or refraining from any action as a result of the contents of this document.

Email sign-up Enter your email address businesw receive our latest blog posts by email. London 23 May Amsterdam 23 May The FCA states that it will conduct a cost benefit analysis wherever possible, although recognising that this can be 0217/18 to quantify, particularly where intervention is in pursuit of intangible benefit such as enhancing trust. The FCA plans to consult on the extended regime later this year and implement the extended regime in GDPR and contracts View all training materials.