Featured Product

    FCA Sets Out Work Priorities for 2021-22

    July 15, 2021

    The Financial Conduct Authority (FCA) has set out its business plan for 2021-22. The plan explains how FCA sees its future role and priorities and how it intends to deliver on the priorities. The plan sets focus on six of the most important cross-market issues: fraud, financial resilience, operational resilience, improving diversity and inclusion, enabling a more sustainable financial future, and international cooperation. In early 2022, FCA plans to publish its wholesale and retail strategies to set out its ambitions for these markets.

    The key priorities include:

    • ensuring consumer credit markets work well
    • developing a digital markets strategy framework to identify and assess potential harms and benefits arising from the increasing digitalization of financial services markets and identifying associated indicators and success measures
    • introducing the Investment Firms Prudential Regime for investment firms and support firms as they adapt to it 
    • supporting the government Roadmap toward mandatory Task Force on Climate-Related Financial Disclosures (TCFD)-aligned disclosures
    • consulting on new disclosure rules for asset managers, life insurers, and FCA-regulated pension schemes and consulting on extending the existing TCFD-aligned Listing Rule to more issuers
    • standardizing environmental, social, and governance (ESG)-related disclosures by listed firms from the end of the fourth quarter of 2021 and by other FCA-regulated market participants by 2025
    • continuing to collaborate domestically, supporting the 2019 Green Finance Strategy of government and plans announced by the Treasury in July 2021 to implement economy-wide Sustainability Disclosure Requirements for businesses and investment products and a new sustainable investment label
    • promoting integrity in the market for ESG-labelled securities, supported by the growth of effective service providers—including providers of ESG data, ratings, assurance, and verification service
    • using technology to bring about change and overcome challenges in sustainable finance
    • assess firms’ progress in implementing the new operational resilience requirements, identify areas for improvement, and assess how able firms are to remain within their impact tolerances to help FCA evaluate the effectiveness of its work to improve operational resilience of the financial sector
    • strengthening data-driven monitoring of the financial resilience of solo-regulated firms, targeting the interventions at firms with weak financial resilience and those whose failure is likely to cause material harm  
    • supervising whether asset managers present the environmental, social and governance (ESG) properties of funds fairly, clearly, and in ways that are not misleading  
    • completing the transition from LIBOR
    • developing how FCA measures firms’ progress against diversity outcomes to ensure a consistent approach across financial services (toward reaching its diversity and inclusion objectives)
    • review key aspects of the compensation framework to ensure it remains appropriate and proportionate 
    • ensure the temporary permissions regime operates smoothly and assess overseas firms in the regime to ensure they can comply with the on-shored rulebook, before all firms leave the regime by the end of 2023
    • provide technical advice to the government as it develops mechanisms for cross-border market access in financial services 


    Related Links

    Keywords: Europe, UK, Banking, Securities, Insurance, ESG, Climate Change Risk, Sustainable Finance, Operational Risk, Diversity and Inclusion, IFPR, LIBOR Transition, Credit Risk, Regtech, Fintech, FCA

    Featured Experts
    Related Articles

    EBA Proposes Standards for IRRBB Reporting Under Basel Framework

    The European Banking Authority (EBA) proposed implementing technical standards on the interest rate risk in the banking book (IRRBB) reporting requirements, with the comment period ending on May 02, 2023.

    January 31, 2023 WebPage Regulatory News

    FED Issues Further Details on Pilot Climate Scenario Analysis Exercise

    The U.S. Federal Reserve Board (FED) set out details of the pilot climate scenario analysis exercise to be conducted among the six largest U.S. bank holding companies.

    January 17, 2023 WebPage Regulatory 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

    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

    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

    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

    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

    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

    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

    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
    RESULTS 1 - 10 OF 8699