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
    News

    ECB Further Reviews Costs and Benefits Associated with IReF

    The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.

    September 15, 2022 WebPage Regulatory News
    News

    BCBS to Finalize Crypto Rules by End-2022; US to Propose Basel 3 Rules

    The Basel Committee on Banking Supervision met, shortly after a gathering of the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS.

    September 15, 2022 WebPage Regulatory News
    News

    IOSCO Welcomes Work on Sustainability-Related Corporate Reporting

    The International Organization of Securities Commissions (IOSCO) welcomed the work of the international audit and assurance standard setters—the International Auditing and Assurance Standards Board (IAASB)

    September 15, 2022 WebPage Regulatory News
    News

    EBA Publishes Funding Plans Report, Receives EMAS Certification

    The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).

    September 15, 2022 WebPage Regulatory News
    News

    BoE Allows One-Day Delay in Statistical Data Submissions by Banks

    The Bank of England (BoE) published a Statistical Notice (2022/18), which informs that due to the Bank Holiday granted for Her Majesty Queen Elizabeth II’s State Funeral on Monday September 19, 2022.

    September 14, 2022 WebPage Regulatory News
    News

    ACPR Amends Reporting Module Timelines Under EBA Framework 3.2

    The French Prudential Control and Resolution Authority (ACPR) announced that the European Banking Authority (EBA) has updated its filing rules and the implementation dates for certain modules of the EBA reporting framework 3.2.

    September 14, 2022 WebPage Regulatory News
    News

    APRA to Modernize Prudential Architecture, Reduces Liquidity Facility

    The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility (CLF) for authorized deposit-taking entities to ~USD 33 billion on September 01, 2022.

    September 12, 2022 WebPage Regulatory News
    News

    PBC Issues List of Systemic Banks, Adds 2 Foreign Banks to CERB List

    The China Banking and Insurance Regulatory Commission (CBIRC) published the administrative measures for internal control of wealth management companies, which come into force on the day of promulgation.

    September 09, 2022 WebPage Regulatory News
    News

    PRA Publishes Discussion Paper on Its Future Approach to Policy

    The Prudential Regulation Authority (PRA) proposed its approach to policy-making as it takes on wider rulemaking responsibilities under the Financial Services and Markets Bill.

    September 08, 2022 WebPage Regulatory News
    News

    ECB Publishes Opinion on Proposed Regulation on Data Act

    The European Central Bank (ECB) published its opinion on the proposal for a regulation on harmonized rules on fair access to and use of data (Data Act).

    September 08, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8511