FCA has published its business plan and risk outlook
20th April 2017 38 - Regulatory Updates
As part of their regular updates the FCA has published its business plan and risk outlook. The documents are very helpful as they give guidance about the FCA’s regulatory focus and objectives going forward.
The FCA is following the US regulator’s approach to cyber security as a major threat to financial markets. In order to formulate a regulatory framework the FCA plans to establish cyber-coordination groups across the sectors in order to “share experiences and foster innovation”. The focus on cyber-security also includes technology and cyber-capability assessments on regulated firms. Cyber-security is a major threat and we have developed a comprehensive program to identify and reduce risks in this area.
Other priorities for 2017 are improvement of culture and governance as well as the continuing fight against financial crime (which includces AML). Protecting consumers remains a big strategic focus and we should expect further initiatives to balance out financial services commercial interests vs consumer protection.
The FCA’s publications also include a consultation on regulatory fees and levies.
If you have any questions about this update, please get in touch with Andrew Frost.