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The FCA’s Mission: Consultation Begins
26th October 2016
The FCA’s Mission
The FCA has today launched a consultation relating to its Mission as Regulator with the aim to clarify how it works and what its focus will be upon in coming years.
The consultation is designed to provide a set of principles to guide the FCA in the strategic choices they have to make in their role as regulator and that these will help inform their strategy and focus over the coming years.
The intention of the FCA’s Mission is to not only provide clarity on their objectives as regulator, but also upon the methods that will allow them to focus their efforts on the right areas and the reasoning behind their work and framework.
The FCA’s Chief Executive, Andrew Bailey, said:
“Establishing and embedding a clear mission for the FCA is critical to our success, both as a regulator and to UK financial services as a whole. Our Mission will set out a framework within which we prioritise our work, ensuring we focus our resources in the right places. This will improve accountability and transparency of how and why we make the choices that we do.”
There are a number of key themes the consultation focuses on where the regulator is looking to expand upon its approach, these being:
How does the FCA balance the responsibilities of firms and consumers? What is the right level of consumer protection? The FCA asks these questions, particularly in light of an environment where consumers are increasingly expected to take responsibility for their own financial decisions.
Should the protection of vulnerable consumers be prioritised by the FCA and if so how?
With regards to redress schemes, what should the role of the FCA be? For example in dealing with activity outside the FCA’s remit?
How the FCA identifies harm and how it decides which approach to take to address it; and how can the FCA be clearer for firms, consumers and stakeholders on what it is doing and why?
The FCA looks to explain their remit for taking action and the circumstances in which they may intervene with regard to activities that are unregulated.
The FCA is looking to explain the interaction between regulation and public policy by using examples including access to financial services and price discrimination.
The FCA seeks to provide clarity on their current approach to using their different regulatory powers and tools as well as seek feedback upon this.
The FCA is seeking suggestions on a proposed review of their Handbook that sets out the rules for regulated firms.
The FCA believe that ‘establishing and embedding a clear mission for the FCA is critical’ to their success as a regulator and for the wider UK financial services.
Since the FCA’s Mission is regarded as particularly important, the consultation seeks the thoughts and opinions of those within the UK financial services industry. The FCA have stressed that they would like the process of finalising the FCA’s Mission to be very open one, and one that results in setting a clear path for financial conduct regulation within the UK.
Industry participants that wish to comment should do so before the consultation ends on the 26th January 2017. To make providing feedback easier, the FCA have created a short survey that may be completed based upon some of the key aspects of the consultation.
Read our latest articles, news and views affecting compliance and regulation in the UK Financial Services Industry.
"Our mission will set out a framework within which we prioritise our work, ensuring we focus our resources in the right places.
Andrew Bailey, FCA Chief Executive,
26 October 2016
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“We need to ensure we are a proportionate and effective regulator as financial services adapt to meet new needs in new ways”
FCA Mission Consultation,
26 October 2016