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Regulatory Outlook for 2016 - 2017

5th April 2016

The City watchdog - the FCA - has now released their Business Plan providing insight into their top priorities and objectives for the new financial year of 2016 to 2017.

Within the FCA’s Business Plan there are seven priority themes that will steer how the regulator will utilise their resources and which core activities will have additional spotlight shone upon them over the course of the next financial year.

• Read the FCA’s full Business Plan for 2016/17

Summary of Regulatory Focus: Key Areas

The regulator has identified seven forward-looking key areas to focus upon, each chosen for posing a risk to market integrity, competition and consumer protection.

1. Pensions
2. Financial Crime and Anti-money laundering
3. Wholesale Financial Markets
4. Advice
5. Innovation
6. Technology
7. Firm’s Culture & Governance, and the treatment of existing customers.

Whilst Financial Crime was added to the areas of focus last year, this continues to be on high on regulator’s agenda for the new financial year, in addition within the key areas of focus, the regulator advises that it plans upon:

• Launching a market study looking at retirement outcomes
• Implementing the recommendations of the Financial Advice Markets Review (FAMR)
• Developing a policy to extend the Senior Managers and Certification Regime to all regulated firms
• Supervising the major UK FICC benchmarks; and
• Launching the ‘regulatory sandbox’ to give firms a “safe space” to trial inovative products and services

Contact Us for Compliance & Regulatory Support:

If your firm would like assistance in reviewing your systems and controls or advice on how to develop your business with the FCA’s key objectives in mind, just send us an email and we would be happy to help.

FCA Business Plan & Outlook for 2016/17