FCA sets clear plan for next 12 months
What is happening?
In April 2023, the FCA announced that, in the second year of its three-year strategy, it plans to accelerate four areas of its work over the next twelve months, through further investment and increased resources.What are the key points?
Last year, the FCA reminded 3,500 lenders of how they should be supporting borrowers in financial difficulty and told 32 lenders to make changes to the way they treat customers, leading to £29m being secured in compensation to their customers. The FCA has undertaken to continue to prioritise protecting people from unfair treatment, with more staff being allocated to ensure that firms support consumers who are struggling financially.
The FCA will continue to support innovative and high-growth firms, including through its Sandbox and its Early and High Growth Oversight function.
The FCA wants to use the opportunity provided by the Future Regulation Framework (FRF)1 to see if improvements can be made to asset management regulation. The FCA is seeking views and will bring forward proposals, based on the feedback it receives, later this year.
Further reading: https://www.fca.org.uk/publication/corporate/future-regulatory-framework-review.pdf
The FCA continues to look for innovative ways of reducing and preventing financial crime. This includes a strengthened authorisation process, improved assessments of regulated firms and more staff to investigate and prosecute offenders.
The FCA has also published the consultation on its fees and levies for the year ahead2. In recognition of the pressure, firms are under, the FCA is proposing to freeze application fees, and the minimum fees firms pay, which affects more than 17,000 FCA-regulated firms.
Further reading: https://www.fca.org.uk/publications/consultation-papers/cp22-23-fees-levies-proposals-2023-24
How can we help you?
Thistle Initiatives has supported firms for over 10 years as a trusted compliance and regulatory advisor. In addition to assisting you as-and-when, our team of specialists can serve as your right hand in meeting and complying with regulations. We understand the importance of staying up-to-date and compliant and are dedicated to providing the guidance and support needed to do so.
In July 2023, the Consumer Duty will come into force. The FCA has committed to providing additional resource to make sure the transition is smooth for both consumers and firms.
Are you looking for help with your Consumer Duty arrangements, or more general regulatory questions? Contact our specialist team now to schedule a free consultation. Get in touch with us by calling 020 7436 0630 or sending an email to info@thistleinitiatives.co.uk.