Featured Product

    FCA Publishes Business Plan for 2020-21

    April 07, 2020

    FCA issued its business plan for the year ahead, with focus on the challenges presented by the COVID-19 pandemic. The annual Business Plan describes the key priorities and the planned activities for the next year. In the Business Plan, FCA has set out the priority areas on which it will work over the next 1 to 3 years as well as other cross-cutting and sector work. The key priorities and planned activities are set out under five overall priorities, six cross-cutting priorities, and the four sector-specific area. The key cross-cutting priorities encompass the areas of brexit, fintech and regtech, climate change risk, and operational resilience.

    FCA highlighted that it may be weeks or months before there is a more stable position and can turn fully to the activities in this plan. The key priority areas in the Business Plan are to focus on transforming the FCA operations, deliver fair value in a digital age, make payments safe and accessible, enable effective consumer investment decisions, and ensure that consumer credit markets work well. In relation to the five key priorities, FCA will work across sectors in the following areas that have a broad market impact:

    • Brexit—FCA will continue to work closely with European and global stakeholders on developing robust global financial standards and effective supervision and addressing issues of mutual interest, in areas such as conduct, market integrity, and operational resilience. FCA will take steps to ensure that FCA and the UK financial services industry are prepared for the end of the transition period.
    • Climate change—The financial sector needs to adapt to manage the physical and transition risks that climate change poses. The regulatory approach of FCA needs to support that. In the coming year, FCA will assess the feedback to its recent consultation on new climate-related disclosure rules for some issuers. The consultation period has been extended and is now open until October 01, 2020. FCA plans to continue the policy research to better understand how retail investment products are designed, the accuracy of disclosure, and whether this enables consumers to make effective decisions on green products.
    • Innovation and technology—FCA will invest in new technologies and skills to make better use of data to regulate efficiently and effectively. FCA will deepen its engagement with industry and society on artificial intelligence, specifically machine learning, and focus on how to enable safe, appropriate, and ethical use of new technologies. FCA will replace the data collection system GABRIEL with a new platform for collecting data from firms. It will maintain its international collaboration through the Global Financial Innovation Network, including seeking to facilitate international sandbox experiments and deepening international knowledge-sharing of innovation approaches and new market trends. It will explore if and how to expand its sandbox services to foster and encourage the wider adoption of appropriate technologies, particularly for regtech.
    • Operational resilience—FCA aims to set new requirements that strengthen operational resilience. In December 2019, along with PRA and BoE, FCA published joint consultation papers on operational resilience. The consultation period has now been extended until October 01, 2020 due to the impact of COVID-19 on the industry. FCA expects all firms to have contingency plans to deal with major events and expects that the plans have been tested. 

     

    Related Links

    Keywords: Europe, UK, Banking, Securities, Business Plan, COVID-19, Brexit, Climate Change Risk, Fintech, Operational Risk, Regtech, ESG, FCA

    Featured Experts
    Related Articles
    News

    US Agencies Issue Several Regulatory and Reporting Updates

    The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.

    January 04, 2023 WebPage Regulatory News
    News

    ECB Issues Multiple Reports and Regulatory Updates for Banks

    The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.

    January 01, 2023 WebPage Regulatory News
    News

    HKMA Keeps List of D-SIBs Unchanged, Makes Other Announcements

    The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.

    December 30, 2022 WebPage Regulatory News
    News

    EU Issues FAQs on Taxonomy Regulation, Rules Under CRD, FICOD and SFDR

    The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.

    December 29, 2022 WebPage Regulatory News
    News

    CBIRC Revises Measures on Corporate Governance Supervision

    The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.

    December 29, 2022 WebPage Regulatory News
    News

    HKMA Publications Address Sustainability Issues in Financial Sector

    The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.

    December 23, 2022 WebPage Regulatory News
    News

    EBA Updates Address Basel and NPL Requirements for Banks

    The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.

    December 22, 2022 WebPage Regulatory News
    News

    ESMA Publishes 2022 ESEF XBRL Taxonomy and Conformance Suite

    The General Board of the European Systemic Risk Board (ESRB), at its December meeting, issued an updated risk assessment via the quarterly risk dashboard and held discussions on key policy priorities to address the systemic risks in the European Union.

    December 22, 2022 WebPage Regulatory News
    News

    FCA Sets up ESG Committee, Imposes Penalties, and Issues Other Updates

    The Financial Conduct Authority (FCA) is seeking comments, until December 21, 2022, on the draft guidance for firms to support existing mortgage borrowers.

    December 20, 2022 WebPage Regulatory News
    News

    FSB Reports Assess NBFI Sector and Progress on LIBOR Transition

    The Financial Stability Board (FSB) published a report that assesses progress on the transition from the Interbank Offered Rates, or IBORs, to overnight risk-free rates as well as a report that assesses global trends in the non-bank financial intermediation (NBFI) sector.

    December 20, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8697