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Here to help with Regulation and Compliance
FCA Risk Outlook and Business Plan for 2014/15
2014
On 31st March 2014, The Financial Conduct Authority published its annual Risk Outlook together with its Business Plan for the year ahead.
These are important publications for the regulated community. They give an insight into what the regulator sees as the key issues, and what it intends to do about them.
The Risk Outlook identifies seven forward-looking areas of focus:
- Technology may outstrip firms’ investment, consumer capabilities and regulatory response.
- Poor culture and controls continue to threaten market integrity.
- Large back books may lead firms to act against their existing customers’ best interests.
- Retirement income products and distribution may deliver poor consumer outcomes.
- The growth of consumer credit may lead to unaffordable debts.
- Terms and conditions may be excessively complex.
- House price growth that is substantial and rapid may give rise to conduct issues.
Annex 1 to the Business Plan sets out the FCA’s current and planned thematic work and market studies. This is separated into six sectors:
- Retail Banking
- Long Term Savings and Pensions
- Mortgages and Consumer Lending
- General Insurance and Protection
- Wholesale Banking and Investment Management
- Cross Sector and Other
You can find the Risk Outlook and Business Plan on the FCA website.