The UK's regulator unveils a yearly plan to protect consumers and promote competition.
To achieve that, FCA wants to boost employment by exceeding 5,000 people.
The
Financial Conduct Authority (FCA) has released its Business Plan for the 2024-2025
financial year, outlining a comprehensive work program to improve consumer and market outcome.
This plan
marks the final year of the FCA's three-year strategy to prevent serious harm,
set higher standards, and promote competition in the financial sector.
FCA to Focus on Consumer
Protection, Market Integrity, and UK Competitiveness
The FCA's
priorities for the upcoming year include protecting consumers by ensuring firms
meet the high standards set by the Consumer Duty, supporting long-term
financial wellbeing through the Advice Guidance Boundary Review, and ensuring
pension products deliver value for money.
The
regulator aims to contribute to UK competitiveness and growth by improving
the attractiveness and reach of UK wholesale markets, supporting firms to
invest, innovate, and expand through its innovation services, and streamlining
the authorization process for firms.
"We've
already made significant progress in delivering against the bold vision we set
out in our strategy two years ago, including the game-changing introduction of
the Consumer Duty and proposing the most far-reaching reforms to wholesale
market regulation and the listing regime in decades," Nikhil Rathi, the Chief
Executive of the FCA, commented.
In
addition, the FCA plans to build on its progress towards becoming a world-class
data-led regulator by automating more of its analytics tools to swiftly identify and address risks to consumers, while collaborating with firms to deploy artificial intelligence safely.
"We could do none of this without our people. To help meet our growing remit, our workforce will be more than 5,000 by the end of March 2024. We continue to focus on ensuring we have the right skills to achieve our business objectives sustainably," the regulator stated in its strategy.
"People need clear, fair, and accurate information on which to base their financial decisions. We will continue to intervene and take action when we identify firms not meeting our minimum standards," said Lucy Castledine, the FCA's Director of Consumer Investments.
Back in late December, the FCA revealed that it canceled almost 1,300 unauthorized firms in 2023 and imposed record fines totaling £52,802,900. The number of firm permissions revoked more than doubled compared to the previous year because they failed to meet its minimum standards.
In response to growing concerns about debt collection practices amidst rising living costs, the UK's regulator has recently teamed up with Ofgem, Ofwat, and Ofcom. This collaboration aims to address these concerns by setting out clear expectations for businesses in various sectors, prioritizing the strengthening of consumer protection measures.
The
Financial Conduct Authority (FCA) has released its Business Plan for the 2024-2025
financial year, outlining a comprehensive work program to improve consumer and market outcome.
This plan
marks the final year of the FCA's three-year strategy to prevent serious harm,
set higher standards, and promote competition in the financial sector.
FCA to Focus on Consumer
Protection, Market Integrity, and UK Competitiveness
The FCA's
priorities for the upcoming year include protecting consumers by ensuring firms
meet the high standards set by the Consumer Duty, supporting long-term
financial wellbeing through the Advice Guidance Boundary Review, and ensuring
pension products deliver value for money.
The
regulator aims to contribute to UK competitiveness and growth by improving
the attractiveness and reach of UK wholesale markets, supporting firms to
invest, innovate, and expand through its innovation services, and streamlining
the authorization process for firms.
"We've
already made significant progress in delivering against the bold vision we set
out in our strategy two years ago, including the game-changing introduction of
the Consumer Duty and proposing the most far-reaching reforms to wholesale
market regulation and the listing regime in decades," Nikhil Rathi, the Chief
Executive of the FCA, commented.
In
addition, the FCA plans to build on its progress towards becoming a world-class
data-led regulator by automating more of its analytics tools to swiftly identify and address risks to consumers, while collaborating with firms to deploy artificial intelligence safely.
"We could do none of this without our people. To help meet our growing remit, our workforce will be more than 5,000 by the end of March 2024. We continue to focus on ensuring we have the right skills to achieve our business objectives sustainably," the regulator stated in its strategy.
"People need clear, fair, and accurate information on which to base their financial decisions. We will continue to intervene and take action when we identify firms not meeting our minimum standards," said Lucy Castledine, the FCA's Director of Consumer Investments.
Back in late December, the FCA revealed that it canceled almost 1,300 unauthorized firms in 2023 and imposed record fines totaling £52,802,900. The number of firm permissions revoked more than doubled compared to the previous year because they failed to meet its minimum standards.
In response to growing concerns about debt collection practices amidst rising living costs, the UK's regulator has recently teamed up with Ofgem, Ofwat, and Ofcom. This collaboration aims to address these concerns by setting out clear expectations for businesses in various sectors, prioritizing the strengthening of consumer protection measures.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!