FCA Business Plan 2016-17

The FCA have published the annual Risk Outlook and their Business Plan for 2016/17, which outlines the key regulatory priority themes for the current year. These priorities will form the primary focus of the FCA’s discretionary work over the course of the year ahead.

The FCA follow an intelligence-led approach that allows them to bring together information both externally derived and from across the FCA/PRA and other regulatory bodies to develop a cohesive view of the risks, issues, challenges and opportunities in the financial markets. These include competition issues, firm and consumer behaviour, regulatory and legal changes, among others. They use this process to identify the risks they believe are the most significant against the FCA’s statutory objectives. The following factors are considered in the development of the risk outlook.

As a result of their risk assessment, the FCA have identified the following seven key priority themes for their Business Plan for 2016-17:

  • Pensions;
  • Financial crime and anti-money laundering;
  • Wholesale financial markets;
  • Advice;
  • Innovation and technology;
  • Firms’ culture and governance; and
  • The treatment of existing customers

The FCA have also noted additional key work-streams in relation to sustainable regulation, payment protection insurance, prudential regulation and ring-fencing.