FCA published its business plan for 2018-19, setting out the key priorities for the coming year. Along with the business plan, FCA published a consultation paper on annual fees, its sector views, and a discussion paper on its evaluation framework.
The priorities in this year’s business plan reflect the high level of resources FCA needs to dedicate to the EU withdrawal, given its impact both on the regulation and the firms FCA regulates. FCA will also focus on seven cross sector priority areas, based on assessments of where there is the greatest harm or potential for harm and where intervention can have the greatest impact. The priority areas are:
- Firms’ culture and governance
- High-cost credit
- Tackling financial crime, including fraud, scams, and anti-money laundering
- Data security, resilience, and outsourcing
- Innovation, big data, technology, and competition
- Treatment of existing customers to ensure that they do not get less attention or receive poorer outcomes than new customers
- Long-term savings, pensions, and intergenerational differences, which reflect the changing UK population and their financial needs
Keywords: Europe, UK, Banking, Insurance, Securities, Business Plan, FCA
Previous ArticleEIOPA Chair Outlines Plans Toward Meeting Future Challenges
EC published Regulation 2021/25 that addresses amendments related to the financial reporting consequences of replacement of the existing interest rate benchmarks with alternative reference rates.
BIS published a bulletin, or a note, that examines the cyber threat landscape in the context of the pandemic and discusses policies to reduce risks to financial stability.
HM Treasury, also known as HMT, has updated the table containing the list of the equivalence decisions that came into effect in UK at the end of the transition period of its withdrawal from EU.
EBA published an erratum for technical package on phase 1 of the reporting framework 3.0.
APRA updated a frequently asked question (FAQ), for authorized deposit-taking institutions, on the measurement of credit risk weighted assets.
EBA published the quarterly risk dashboard, along with the results of the Risk Assessment Questionnaire survey among 60 banks and 15 market analysts.
ECB concluded the public consultation on the introduction of a digital euro in EU.
ECB published a guide that sets out the supervisory approach to consolidation in the banking sector.
The SRB Chair Elke König published an article setting out work priorities for 2021.
FDIC has selected 11 technology companies—including BearingPoint, Fed Reporter, Inc, and S&P Global Market Intelligence, LLC—for inclusion in the third and final phase of the rapid prototyping competition.